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

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be given a dividend of 0.12 per share by the energy company on Wednesday, March 26th. This represents a $0.48 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Wednesday, March 12th.

Ormat Technologies has a dividend payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ormat Technologies to earn $2.18 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 22.0%.

Ormat Technologies Stock Up 1.5 %

Shares of NYSE ORA traded up $0.99 during midday trading on Thursday, hitting $69.28. The company’s stock had a trading volume of 696,427 shares, compared to its average volume of 538,419. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30. The business’s fifty day simple moving average is $66.40 and its two-hundred day simple moving average is $73.24. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 35.35, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57.

Insider Activity at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the transaction, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Granot sold 1,256 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ORA has been the subject of a number of research analyst reports. Oppenheimer increased their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and lifted their price target for the stock from $73.00 to $78.00 in a research note on Thursday, February 20th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Ormat Technologies Company Profile

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.