Ormat Technologies (NYSE:ORA) Shares Gap Up – Here’s What Happened

by · The Cerbat Gem

Ormat Technologies, Inc. (NYSE:ORA – Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $119.05, but opened at $124.11. Ormat Technologies shares last traded at $122.5010, with a volume of 157,700 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ORA shares. UBS Group increased their price target on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Barclays raised their price objective on Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Cowen upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Friday. Jefferies Financial Group reiterated a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a research note on Monday, November 24th. Finally, Roth Capital reiterated a “buy” rating on shares of Ormat Technologies in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $121.89.

Read Our Latest Stock Report on ORA

Ormat Technologies Stock Up 1.6%

The company has a market capitalization of $7.35 billion, a PE ratio of 55.44, a PEG ratio of 4.62 and a beta of 0.71. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The stock’s 50 day moving average is $112.13 and its 200 day moving average is $100.48.

Ormat Technologies (NYSE:ORA – Get Free Report) last posted its earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. The business had revenue of $249.73 million for the quarter, compared to analysts’ expectations of $235.03 million. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The business’s revenue for the quarter was up 17.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. On average, sell-side analysts anticipate that Ormat Technologies, Inc. will post 1.94 EPS for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, November 17th. Ormat Technologies’s dividend payout ratio is currently 22.02%.

Insiders Place Their Bets

In other news, Director Ravit Barniv sold 1,753 shares of Ormat Technologies stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.54, for a total transaction of $197,282.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jessica Woelfel sold 721 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $115.00, for a total transaction of $82,915.00. Following the completion of the transaction, the insider owned 3,433 shares in the company, valued at approximately $394,795. This trade represents a 17.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 40,860 shares of company stock worth $4,601,530. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Ormat Technologies

Hedge funds have recently made changes to their positions in the stock. Harrington Investments INC grew its position in Ormat Technologies by 8.8% in the fourth quarter. Harrington Investments INC now owns 8,441 shares of the energy company’s stock worth $932,000 after acquiring an additional 683 shares in the last quarter. SG Americas Securities LLC lifted its stake in Ormat Technologies by 549.8% during the fourth quarter. SG Americas Securities LLC now owns 32,690 shares of the energy company’s stock worth $3,611,000 after purchasing an additional 27,659 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Ormat Technologies in the 4th quarter worth about $262,000. Green Alpha Advisors LLC increased its position in shares of Ormat Technologies by 4.4% during the 4th quarter. Green Alpha Advisors LLC now owns 6,274 shares of the energy company’s stock valued at $693,000 after purchasing an additional 264 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Ormat Technologies by 16.6% during the 4th quarter. GAMMA Investing LLC now owns 1,364 shares of the energy company’s stock valued at $151,000 after buying an additional 194 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

(Get Free Report)

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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