Ormat Technologies (NYSE:ORA) Earns Neutral Rating from Analysts at Robert W. Baird

Robert W. Baird assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a report issued on Thursday morning, Marketbeat reports. The brokerage issued a neutral rating and a $81.00 target price on the energy company’s stock.

A number of other brokerages have also issued reports on ORA. Piper Sandler started coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective for the company. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and raised their price target for the stock from $73.00 to $78.00 in a report on Thursday, February 20th. Finally, JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 28th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $82.67.

Ormat Technologies Stock Performance

NYSE ORA opened at $71.92 on Thursday. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. The firm has a market capitalization of $4.35 billion, a P/E ratio of 36.69, a price-to-earnings-growth ratio of 3.18 and a beta of 0.51. The stock’s fifty day moving average is $66.85 and its two-hundred day moving average is $72.99. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, March 12th. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. Ormat Technologies’s dividend payout ratio is currently 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 Trading of Ormat Technologies

A number of large investors have recently made changes to their positions in the company. Jefferies Financial Group Inc. acquired a new position in Ormat Technologies during the 4th quarter worth approximately $372,000. Polar Asset Management Partners Inc. acquired a new position in shares of Ormat Technologies during the fourth quarter worth $5,079,000. Squarepoint Ops LLC purchased a new position in Ormat Technologies in the fourth quarter valued at $3,042,000. Twinbeech Capital LP acquired a new stake in Ormat Technologies in the fourth quarter valued at $453,000. Finally, Stuart Chaussee & Associates Inc. purchased a new stake in Ormat Technologies during the 4th quarter worth about $34,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.