Ormat Technologies (NYSE:ORA) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Ormat Technologies (NYSE:ORA - Free Report) from a sell rating to a hold rating in a report released on Monday morning.

A number of other research analysts have also weighed in on the company. Baird R W upgraded Ormat Technologies to a "hold" rating in a report on Thursday, March 13th. Piper Sandler assumed coverage on Ormat Technologies in a research note on Thursday, December 19th. They set a "neutral" rating and a $78.00 price objective on the stock. Robert W. Baird began coverage on shares of Ormat Technologies in a report on Thursday, March 13th. They set a "neutral" rating and a $81.00 price objective on the stock. Jefferies Financial Group upped their target price on Ormat Technologies from $78.00 to $86.00 and gave the company a "buy" rating in a report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $83.56.

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Ormat Technologies Stock Up 2.1 %

Shares of Ormat Technologies stock traded up $1.43 during trading hours on Monday, reaching $69.96. The company's stock had a trading volume of 542,275 shares, compared to its average volume of 496,240. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30. The company has a market capitalization of $4.24 billion, a P/E ratio of 35.69, a P/E/G ratio of 3.18 and a beta of 0.52. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The stock's fifty day simple moving average is $68.74 and its two-hundred day simple moving average is $72.35.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th were given a $0.12 dividend. The ex-dividend date was Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.69%. Ormat Technologies's dividend payout ratio (DPR) is currently 23.53%.

Insider Buying and Selling

In other news, insider Jessica Woelfel sold 409 shares of the company's stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the completion of the transaction, the insider now directly owns 6,094 shares in the company, valued at approximately $439,682.10. This represents a 6.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Granot sold 1,666 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. This represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,242 shares of company stock worth $156,427. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after purchasing an additional 274,540 shares during the period. Impax Asset Management Group plc grew its stake in shares of Ormat Technologies by 7.3% during the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company's stock valued at $162,586,000 after buying an additional 163,505 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Ormat Technologies by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company's stock worth $107,440,000 after buying an additional 93,418 shares during the period. Geode Capital Management LLC lifted its stake in shares of Ormat Technologies by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company's stock valued at $93,029,000 after acquiring an additional 72,135 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Ormat Technologies in the 4th quarter valued at about $62,851,000. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.