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

Ormat Technologies, Inc. (NYSE:ORA) announced 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 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date is Wednesday, March 12th.

Ormat Technologies has a payout ratio of 19.7% indicating that 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 Trading Up 1.8 %

Shares of ORA stock opened at $70.64 on Monday. The company has a market cap of $4.27 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 3.18 and a beta of 0.51. 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 fifty day moving average price of $66.51 and a 200-day moving average price of $73.06. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 28th. Jefferies Financial Group raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and upped their target price for the stock from $73.00 to $78.00 in a report on Thursday, February 20th. Finally, Piper Sandler assumed coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Insiders Place Their Bets

In related news, Director David Granot sold 1,666 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. This represents a 46.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the transaction, the insider now owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

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.