Barclays Initiates Coverage on Ormat Technologies (NYSE:ORA)

Posted by Adam Dyson on May 26th, 2023

Barclays assumed coverage on shares of Ormat Technologies (NYSE:ORA – Get Rating) in a report released on Monday, The Fly reports. The brokerage issued an equal weight rating and a $89.00 price target on the energy company’s stock.

Other equities analysts have also recently issued reports about the company. UBS Group raised Ormat Technologies from a neutral rating to a buy rating and lifted their price target for the stock from $103.00 to $105.00 in a research note on Wednesday, March 1st. Citigroup decreased their price target on Ormat Technologies from $91.00 to $88.00 and set a neutral rating on the stock in a research note on Monday, March 27th. Oppenheimer decreased their price target 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. Roth Mkm decreased their price target 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. Finally, StockNews.com began coverage on Ormat Technologies in a research note on Thursday, May 18th. They issued a sell rating on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $91.86.

Ormat Technologies Stock Performance

Shares of NYSE ORA opened at $83.98 on Monday. The stock has a market cap of $5.01 billion, a price-to-earnings ratio of 62.21, a P/E/G ratio of 4.02 and a beta of 0.46. The company has a current ratio of 2.07, a quick ratio of 1.96 and a debt-to-equity ratio of 0.71. Ormat Technologies has a 1-year low of $67.28 and a 1-year high of $101.81. The stock’s 50-day moving average is $84.39 and its 200 day moving average is $87.94.

Ormat Technologies (NYSE:ORA – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. The company had revenue of $185.20 million for the quarter, compared to analysts’ expectations of $212.86 million. Ormat Technologies had a return on equity of 4.86% and a net margin of 10.39%. Ormat Technologies’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. On average, sell-side analysts anticipate that Ormat Technologies will post 2.1 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, May 22nd. This represents a $0.48 annualized dividend and a dividend yield of 0.57%. Ormat Technologies’s dividend payout ratio is presently 35.56%.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the company. Ruedi Wealth Management Inc. bought a new stake in Ormat Technologies in the fourth quarter worth $28,000. Harvest Fund Management Co. Ltd bought a new stake in Ormat Technologies in the fourth quarter worth $31,000. Belpointe Asset Management LLC bought a new stake in Ormat Technologies in the fourth quarter worth $36,000. IFP Advisors Inc boosted its holdings in Ormat Technologies by 30.0% in the third quarter. IFP Advisors Inc now owns 533 shares of the energy company’s stock worth $27,000 after acquiring an additional 123 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. boosted its holdings in Ormat Technologies by 269.0% in the third quarter. Edmond DE Rothschild Holding S.A. now owns 738 shares of the energy company’s stock worth $64,000 after acquiring an additional 538 shares in the last quarter. 81.74% of the stock is currently owned by institutional investors.

About Ormat Technologies

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Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following 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.