Ormat Technologies (NYSE:ORA) Rating Increased to Hold at Baird R W

Baird R W upgraded shares of Ormat Technologies (NYSE:ORA - Free Report) to a hold rating in a research report report published on Thursday,Zacks.com reports.

Several other analysts also recently weighed in on ORA. JPMorgan Chase & Co. increased their target price on Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 28th. Robert W. Baird started coverage on Ormat Technologies in a research report on Thursday, March 13th. They issued a "neutral" rating and a $81.00 price objective for the company. Piper Sandler started coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price objective for the company. Finally, Jefferies Financial Group upgraded Ormat Technologies from a "hold" rating to a "buy" rating and raised their price objective for the stock from $73.00 to $78.00 in a research report on Thursday, February 20th. Six 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, Ormat Technologies has a consensus rating of "Hold" and a consensus target price of $82.67.

Ormat Technologies Stock Performance

NYSE:ORA traded down $0.30 during mid-day trading on Thursday, hitting $71.80. 431,405 shares of the company's stock traded hands, compared to its average volume of 467,901. The firm has a 50 day moving average of $66.97 and a two-hundred day moving average of $72.96. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 36.63, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

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Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.67%. Ormat Technologies's payout ratio is presently 23.53%.

Insider Transactions at Ormat Technologies

In other news, Director David Granot sold 1,666 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $69.00, for a total value of $114,954.00. Following the completion of the transaction, the director now directly owns 1,910 shares of the company's stock, valued at approximately $131,790. This represents a 46.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its holdings in Ormat Technologies by 5.6% during the 4th quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after purchasing an additional 7,025 shares in the last quarter. Chesapeake Capital Corp IL acquired a new stake in Ormat Technologies during the 3rd quarter valued at $522,000. RWC Asset Management LLP increased its holdings in Ormat Technologies by 348.9% during the 4th quarter. RWC Asset Management LLP now owns 165,599 shares of the energy company's stock valued at $11,214,000 after purchasing an additional 128,705 shares in the last quarter. Empowered Funds LLC acquired a new stake in Ormat Technologies during the 4th quarter valued at $265,000. Finally, Natural Investments LLC acquired a new stake in Ormat Technologies during the 4th quarter valued at $1,346,000. 95.49% of the stock is owned by institutional investors and hedge funds.

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.