Ormat Technologies (NYSE:ORA) Upgraded to Hold at Baird R W

Baird R W upgraded shares of Ormat Technologies (NYSE:ORA) to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other brokerages also recently commented on ORA. Piper Sandler assumed coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Robert W. Baird assumed coverage on Ormat Technologies in a research report on Thursday. They set a “neutral” rating and a $81.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 28th. Finally, Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $73.00 to $78.00 in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $82.67.

Ormat Technologies Stock Performance

NYSE ORA opened at $71.92 on Thursday. The company has a market cap of $4.35 billion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The stock’s 50 day simple moving average is $66.85 and its 200-day simple moving average is $72.99. Ormat Technologies has a 1-year low of $59.41 and a 1-year high of $84.30. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.67%. Ormat Technologies’s dividend payout ratio (DPR) is 23.53%.

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,666 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $69.00, for a total transaction of $114,954.00. Following the sale, the director now owns 1,910 shares in the company, valued at $131,790. This represents a 46.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ORA. State of New Jersey Common Pension Fund D increased its holdings in shares of Ormat Technologies by 4.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 26,554 shares of the energy company’s stock valued at $2,043,000 after acquiring an additional 1,125 shares during the last quarter. Mizuho Markets Americas LLC boosted its position in shares of Ormat Technologies by 5.8% in the 3rd quarter. Mizuho Markets Americas LLC now owns 151,211 shares of the energy company’s stock valued at $11,634,000 after purchasing an additional 8,317 shares during the period. Chesapeake Capital Corp IL acquired a new stake in shares of Ormat Technologies in the 3rd quarter valued at about $522,000. Pathstone Holdings LLC boosted its position in shares of Ormat Technologies by 2.4% in the 3rd quarter. Pathstone Holdings LLC now owns 17,729 shares of the energy company’s stock valued at $1,364,000 after purchasing an additional 422 shares during the period. Finally, Caprock Group LLC acquired a new stake in shares of Ormat Technologies in the 3rd quarter valued at about $450,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

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