Ormat Technologies, Inc is a holding company that is engaged in geothermal and recovered energy power businesses worldwide. The company operates through three segments: Electricity, Product, and Energy Storage, and its Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements. The firm’s recently released quarterly earnings data showed that Ormat Technologies reported earnings per share of $0.73 for the quarter, beating the consensus estimate of $0.48 by $0.25. The business also recently announced a quarterly dividend and has seen its stock ratings from analysts fluctuate, according to several recent research reports. UBS Group upgraded the company from a “neutral” rating to a “buy” rating and raised their price target for the company, while StockNews.com cut Ormat Technologies from a “hold” rating to a “sell” rating. Oppenheimer also cut their target price on Ormat Technologies, but set an “outperform” rating on the stock. Finally, Roth Mkm cut their target price on the company and set a “neutral” rating on the stock.
Yousif Capital Management LLC Increases Holdings in Ormat Technologies, Inc.
Yousif Capital Management LLC has recently increased its holdings in Ormat Technologies, Inc. (NYSE: ORA) by 9.2% during the fourth quarter, according to the company’s latest disclosure with the SEC. Other large investors have also made changes to their positions in the energy company, including BlackRock Inc., State Street Corp, Dimensional Fund Advisors LP, Amundi, and Neuberger Berman Group LLC.
BlackRock Inc. increased its holdings in Ormat Technologies by 35.9% during the third quarter, now owning 6,986,730 shares of the company’s stock worth $602,257,000 after purchasing an additional 1,844,839 shares. State Street Corp boosted its holdings in the company by 44.7% in the third quarter, now owning 1,697,465 shares worth $146,321,000 after acquiring an additional 524,366 shares. Dimensional Fund Advisors LP increased its holdings in Ormat Technologies by 2.3% during the third quarter, now owning 1,404,662 shares worth $121,083,000 after acquiring an additional 31,111 shares. Amundi boosted its holdings by 23.6% during the second quarter, now owning 1,120,993 shares worth $87,890,000 after acquiring an additional 214,353 shares. Lastly, Neuberger Berman Group LLC boosted its holdings in Ormat Technologies by 4.8% in the third quarter, now owning 997,820 shares worth $86,019,000 after acquiring an additional 45,805 shares.
Currently, institutional investors own 81.74% of Ormat Technologies’ stock. Ormat Technologies opened at $80.33 on Friday, with a 1-year low of $67.28 and a 1-year high of $101.81. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of 68.66, a PEG ratio of 4.55 and a beta of 0.48. Its 50-day moving average price is $88.61, and its 200-day moving average price is $89.61. The firm has a current ratio of 1.33 and a quick ratio of 1.26, with a debt-to-equity ratio of 0.80.
Ormat Technologies Reports Quarterly Earnings and Announces Dividend
Ormat Technologies (NYSE: ORA) announced its quarterly earnings data on Wednesday, February 22nd. The energy company reported earnings per share of $0.73 for the quarter, beating the consensus estimate of $0.48 by $0.25. Ormat Technologies had a return on equity of 4.60% and a net margin of 8.97%. The business had revenue of $205.50 million for the quarter, compared to analysts’ expectations of $199.33 million. During the same quarter in the previous year, the business posted $0.41 EPS. Ormat Technologies’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts expect that Ormat Technologies, Inc. will post 1.8 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 22nd. Shareholders of record on Wednesday, March 8th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, March 7th. This represents a $0.48 annualized dividend and a yield of 0.60%. Ormat Technologies’s dividend payout ratio (DPR) is currently 41.03%.
Analysts Set New Price Targets
Several research reports have been released regarding ORA. UBS Group upgraded Ormat Technologies from a “neutral” rating to a “buy” rating and raised their price target for the company from $103.00 to $105.00 in a report on Wednesday, March 1st. StockNews.com cut Ormat Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, March 15th. Oppenheimer cut their target price on Ormat Technologies from $106.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, February 24th. Finally, Roth Mkm cut their target price on Ormat Technologies from $104.00 to $93.00 and set a “neutral” rating on the stock in a research note on Monday, February 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.83.
About Ormat Technologies
Ormat Technologies is an energy company that engages in the geothermal and recovered energy power business worldwide. The company operates through two segments: Electricity and Product. It designs, develops, builds, owns, and operates clean, environmentally friendly geothermal and recovered energy-based power plants. Ormat Technologies was founded in 1965 and is headquartered in Reno, Nevada.
Ormat Technologies: A Holding Company Engaged in Geothermal and Recovered Energy Power Businesses
Ormat Technologies, Inc is a holding company engaged in the geothermal and recovered energy power businesses. It operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements. To stay up-to-date with the latest news and analysts’ ratings for Ormat Technologies and related companies, you can subscribe to MarketBeat.com’s FREE daily email newsletter by entering your email address.
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