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

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be paid 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 payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. 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 Performance

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

Insiders Place Their Bets

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction that occurred on Monday, December 2nd. The stock was 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 directly owns 3,576 shares in the company, valued at $293,232. This 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.

Wall Street Analyst Weigh In

ORA has been the subject of several recent research reports. Oppenheimer lifted their target price 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. Piper Sandler began 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. Roth Mkm reiterated a “buy” rating and issued a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Jefferies Financial Group upgraded Ormat Technologies from a “hold” rating to a “buy” rating and raised their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.