Ormat Technologies (NYSE:ORA) Shares Gap Up - What's Next?

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $67.52, but opened at $69.47. Ormat Technologies shares last traded at $67.76, with a volume of 119,858 shares traded.

Analyst Ratings Changes

Several research firms have recently issued reports on ORA. Oppenheimer raised their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Piper Sandler assumed coverage on shares of Ormat Technologies in a research note on Thursday. They issued a "neutral" rating and a $78.00 price objective for the company. Finally, Roth Mkm restated a "buy" rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $83.57.

Ormat Technologies Stock Performance

The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $4.16 billion, a PE ratio of 35.08, a PEG ratio of 3.75 and a beta of 0.53. The firm's 50-day simple moving average is $78.62 and its 200-day simple moving average is $75.72.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to analyst estimates of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. Ormat Technologies's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.47 earnings per share. On average, research analysts predict that Ormat Technologies, Inc. will post 1.93 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 4th. Stockholders of record on Wednesday, November 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. Ormat Technologies's dividend payout ratio is currently 24.49%.

Insider Buying and Selling

In other news, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. This trade represents a 25.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the company's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now owns 2,976,077 shares of the company's stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.46% of the stock is owned by insiders.

Institutional Trading of Ormat Technologies

Institutional investors have recently modified their holdings of the company. Global Alpha Capital Management Ltd. increased its position in Ormat Technologies by 6.1% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company's stock valued at $188,125,000 after buying an additional 140,882 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ormat Technologies by 6.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company's stock valued at $104,030,000 after buying an additional 86,291 shares during the last quarter. Van Berkom & Associates Inc. increased its position in shares of Ormat Technologies by 2.0% in the 2nd quarter. Van Berkom & Associates Inc. now owns 1,322,936 shares of the energy company's stock valued at $94,855,000 after acquiring an additional 25,799 shares during the period. Geode Capital Management LLC raised its stake in Ormat Technologies by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company's stock worth $100,140,000 after acquiring an additional 22,714 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Ormat Technologies by 2.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 560,029 shares of the energy company's stock valued at $40,154,000 after purchasing an additional 15,004 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Company Profile

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.