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

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Wednesday, March 12th.

Ormat Technologies has a payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Up 1.5 %

ORA stock traded up $0.99 during trading on Thursday, reaching $69.28. 696,427 shares of the stock were exchanged, compared to its average volume of 538,419. The business has a 50 day moving average price of $66.40 and a 200-day moving average price of $73.24. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 35.35, a P/E/G ratio of 3.18 and a beta of 0.57.

Insider Activity

In other news, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were 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 owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now owns 3,576 shares of the company’s stock, valued at $293,232. This trade represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.