Ormat Technologies (NYSE:ORA) Shares Gap Down – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA) gapped down prior to trading on Wednesday . The stock had previously closed at $133.96, but opened at $126.63. Ormat Technologies shares last traded at $125.4010, with a volume of 150,017 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ORA shares. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price target on shares of Ormat Technologies in a report on Friday, May 8th. Sanford C. Bernstein began coverage on Ormat Technologies in a research report on Tuesday. They set an “underperform” rating and a $115.00 price objective for the company. Barclays increased their price objective on Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Robert W. Baird lowered their target price on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Finally, JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $131.67.

Ormat Technologies Stock Performance

The stock has a market cap of $7.84 billion, a P/E ratio of 61.93, a PEG ratio of 5.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The company has a fifty day moving average of $126.18 and a 200 day moving average of $118.83.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The firm had revenue of $403.91 million during the quarter, compared to analyst estimates of $349.17 million. During the same period last year, the company posted $0.68 EPS. The firm’s quarterly revenue was up 75.8% on a year-over-year basis. On average, equities analysts predict that Ormat Technologies, Inc. will post 2.35 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, May 20th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.30%.

Insider Activity

In related news, Director Dafna Sharir sold 883 shares of Ormat Technologies stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $122.44, for a total transaction of $108,114.52. Following the transaction, the director directly owned 3,140 shares of the company’s stock, valued at $384,461.60. The trade was a 21.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michal Marom sold 3,080 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total transaction of $403,387.60. Following the completion of the sale, the director owned 1,766 shares in the company, valued at $231,293.02. The trade was a 63.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,721 shares of company stock valued at $4,105,657 over the last quarter. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Large investors have recently modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company’s stock worth $97,935,000 after acquiring an additional 540,000 shares in the last quarter. Jennison Associates LLC increased its position in Ormat Technologies by 51.7% in the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock worth $10,025,000 after purchasing an additional 30,910 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Ormat Technologies by 259.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company’s stock worth $7,935,000 after purchasing an additional 51,830 shares in the last quarter. Legato Capital Management LLC purchased a new stake in shares of Ormat Technologies during the 4th quarter worth about $1,319,000. Finally, AEGON ASSET MANAGEMENT UK Plc raised its stake in shares of Ormat Technologies by 102.6% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 294,748 shares of the energy company’s stock worth $32,549,000 after purchasing an additional 149,271 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

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.