Ormat Technologies, Inc. Plans Quarterly Dividend of $0.12 (NYSE:ORA)

Ormat Technologies, Inc. (NYSE:ORAGet Rating) declared a quarterly dividend on Wednesday, August 3rd, Zacks reports. Investors of record on Wednesday, August 17th will be given a dividend of 0.12 per share by the energy company on Wednesday, August 31st. This represents a $0.48 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Tuesday, August 16th.

Ormat Technologies has a payout ratio of 24.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $1.92 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 25.0%.

Ormat Technologies Stock Performance

ORA stock traded down $0.32 during midday trading on Friday, reaching $91.11. The company had a trading volume of 9,424 shares, compared to its average volume of 555,958. The company has a quick ratio of 0.81, a current ratio of 0.87 and a debt-to-equity ratio of 0.61. The stock has a 50 day moving average price of $79.62 and a 200 day moving average price of $76.93. Ormat Technologies has a fifty-two week low of $60.32 and a fifty-two week high of $92.27. The firm has a market capitalization of $5.11 billion, a PE ratio of 80.13, a P/E/G ratio of 6.42 and a beta of 0.51.

Ormat Technologies (NYSE:ORAGet Rating) last issued its earnings results on Monday, May 2nd. The energy company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. Ormat Technologies had a return on equity of 3.64% and a net margin of 9.04%. The company had revenue of $183.71 million during the quarter, compared to the consensus estimate of $174.20 million. Analysts anticipate that Ormat Technologies will post 1.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ORA. TheStreet raised Ormat Technologies from a “c+” rating to a “b-” rating in a report on Thursday, April 7th. JPMorgan Chase & Co. upped their price target on Ormat Technologies from $77.00 to $80.00 in a report on Wednesday, July 20th. Finally, StockNews.com upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Thursday.

Insider Buying and Selling

In other Ormat Technologies news, Director Dan Falk sold 1,667 shares of Ormat Technologies stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $83.96, for a total value of $139,961.32. Following the completion of the sale, the director now owns 2,014 shares in the company, valued at approximately $169,095.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Dan Falk sold 1,667 shares of the business’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $83.96, for a total transaction of $139,961.32. Following the transaction, the director now owns 2,014 shares in the company, valued at approximately $169,095.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Isaac Angel sold 9,502 shares of the company’s stock in a transaction on Monday, June 6th. The stock was sold at an average price of $81.86, for a total transaction of $777,833.72. Following the transaction, the director now owns 39,615 shares in the company, valued at approximately $3,242,883.90. The disclosure for this sale can be found here. Insiders have sold a total of 40,161 shares of company stock worth $3,338,965 over the last ninety days. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently modified their holdings of the stock. Prudential Financial Inc. raised its holdings in shares of Ormat Technologies by 1,248.5% during the 1st quarter. Prudential Financial Inc. now owns 51,041 shares of the energy company’s stock worth $4,176,000 after acquiring an additional 47,256 shares in the last quarter. Ergoteles LLC purchased a new position in shares of Ormat Technologies in the first quarter worth about $2,977,000. MetLife Investment Management LLC raised its position in Ormat Technologies by 57.7% during the first quarter. MetLife Investment Management LLC now owns 24,095 shares of the energy company’s stock valued at $1,972,000 after acquiring an additional 8,812 shares in the last quarter. Eaton Vance Management grew its holdings in Ormat Technologies by 9,839.0% in the first quarter. Eaton Vance Management now owns 19,878 shares of the energy company’s stock valued at $1,627,000 after purchasing an additional 19,678 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of Ormat Technologies by 2.5% in the first quarter. Bank of Montreal Can now owns 14,424 shares of the energy company’s stock worth $1,150,000 after acquiring an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 96.42% of the company’s stock.

Ormat Technologies Company Profile

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Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.

See Also

Dividend History for Ormat Technologies (NYSE:ORA)

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