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

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Investors of record on Wednesday, November 20th will be given a dividend of 0.12 per share by the energy company on Wednesday, December 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date is Wednesday, November 20th.

Ormat Technologies has raised its dividend payment by an average of 2.9% per year over the last three years. Ormat Technologies has a payout ratio of 20.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.36 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 20.3%.

Ormat Technologies Price Performance

NYSE:ORA traded up $1.61 during trading hours on Thursday, hitting $83.53. 307,403 shares of the stock traded hands, compared to its average volume of 435,011. The company has a quick ratio of 0.89, a current ratio of 0.97 and a debt-to-equity ratio of 0.72. Ormat Technologies has a 1 year low of $58.73 and a 1 year high of $83.85. The company has a market cap of $5.05 billion, a price-to-earnings ratio of 37.40, a price-to-earnings-growth ratio of 4.22 and a beta of 0.53. The stock has a 50 day moving average price of $76.60 and a 200 day moving average price of $73.89.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. The firm had revenue of $212.96 million for the quarter, compared to analysts’ expectations of $214.07 million. Ormat Technologies had a net margin of 14.89% and a return on equity of 5.40%. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. Sell-side analysts forecast that Ormat Technologies will post 1.92 EPS for the current fiscal year.

Analyst Ratings Changes

ORA has been the subject of a number of recent analyst reports. Roth Mkm reissued a “buy” rating and set a $80.00 target price on shares of Ormat Technologies in a research note on Monday, August 12th. Oppenheimer boosted their target price on shares of Ormat Technologies from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.67.

Insider Activity

In other news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now owns 6,906 shares in the company, valued at $517,811.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now owns 6,906 shares in the company, valued at $517,811.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dafna Sharir sold 433 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the transaction, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.46% 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.