Ormat Technologies, Inc. (NYSE:ORA) Plans Quarterly Dividend of $0.12 – MarketBeat
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Ormat Technologies, Inc. (NYSE:ORA – Get Rating) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Investors of record on Wednesday, August 17th will be given a dividend of 0.12 per share by the energy company on Wednesday, August 31st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Tuesday, August 16th.
Ormat Technologies has a payout ratio of 24.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $1.92 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 25.0%.
Ormat Technologies Price Performance
Shares of NYSE:ORA traded down $0.88 during mid-day trading on Friday, reaching $90.55. The stock had a trading volume of 8,644 shares, compared to its average volume of 555,958. The company has a current ratio of 0.87, a quick ratio of 0.81 and a debt-to-equity ratio of 0.61. The company has a market cap of $5.08 billion, a P/E ratio of 80.91, a price-to-earnings-growth ratio of 6.42 and a beta of 0.51. Ormat Technologies has a 1 year low of $60.32 and a 1 year high of $92.27. The business’s 50 day moving average price is $79.62 and its 200 day moving average price is $76.93.
Ormat Technologies (NYSE:ORA – Get Rating) last posted its earnings results on Monday, May 2nd. The energy company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The company had revenue of $183.71 million for the quarter, compared to the consensus estimate of $174.20 million. Ormat Technologies had a return on equity of 3.64% and a net margin of 9.04%. Research analysts expect that Ormat Technologies will post 1.24 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on ORA shares. TheStreet upgraded Ormat Technologies from a “c+” rating to a “b-” rating in a research report on Thursday, April 7th. StockNews.com raised Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on Ormat Technologies from $77.00 to $80.00 in a research note on Wednesday, July 20th.
Insiders Place Their Bets
In other news, Director Dan Falk sold 1,667 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $83.96, for a total transaction of $139,961.32. Following the transaction, the director now owns 2,014 shares of the company’s stock, valued at $169,095.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Dan Falk sold 1,667 shares of the company’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $83.96, for a total transaction of $139,961.32. Following the transaction, the director now owns 2,014 shares of the company’s stock, valued at $169,095.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Doron Blachar sold 1,792 shares of the stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $83.20, for a total value of $149,094.40. Following the completion of the transaction, the chief executive officer now directly owns 9,671 shares in the company, valued at approximately $804,627.20. The disclosure for this sale can be found here. Insiders have sold 40,161 shares of company stock valued at $3,338,965 over the last ninety days. 1.30% of the stock is owned by insiders.
Institutional Trading of Ormat Technologies
A number of hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can lifted its holdings in Ormat Technologies by 2.5% during the first quarter. Bank of Montreal Can now owns 14,424 shares of the energy company’s stock worth $1,150,000 after buying an additional 355 shares during the period. US Bancorp DE lifted its holdings in shares of Ormat Technologies by 10.5% during the 1st quarter. US Bancorp DE now owns 3,963 shares of the energy company’s stock valued at $324,000 after purchasing an additional 375 shares during the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of Ormat Technologies by 57.5% during the 1st quarter. Vident Investment Advisory LLC now owns 5,349 shares of the energy company’s stock valued at $438,000 after purchasing an additional 1,953 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of Ormat Technologies during the 1st quarter valued at $177,000. Finally, Mackenzie Financial Corp purchased a new stake in shares of Ormat Technologies during the 1st quarter valued at $214,000. Hedge funds and other institutional investors own 96.42% of the company’s stock.
About Ormat Technologies
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Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. It operates through 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.
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