Ormat Technologies, Inc. (NYSE:ORA) declared a dividend on Wednesday, August 8th, Fidelity reports. Stockholders of record on Tuesday, August 21st will be paid a dividend of 0.10 per share by the energy company on Tuesday, August 21st. The ex-dividend date of this dividend is Monday, August 20th.
Ormat Technologies has increased its dividend by an average of 25.0% per year over the last three years. Ormat Technologies has a dividend payout ratio of 21.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $2.33 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 17.2%.
Shares of NYSE ORA opened at $51.30 on Friday. The company has a market cap of $2.62 billion, a PE ratio of 17.16, a PEG ratio of 2.52 and a beta of 1.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.16. Ormat Technologies has a 1-year low of $45.79 and a 1-year high of $70.68.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.17). The firm had revenue of $178.30 million for the quarter, compared to the consensus estimate of $176.06 million. Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. equities research analysts predict that Ormat Technologies will post 1.87 earnings per share for the current year.
A number of equities research analysts recently issued reports on ORA shares. TheStreet downgraded Ormat Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 9th. Zacks Investment Research raised Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Friday, May 4th. Roth Capital set a $67.00 price target on Ormat Technologies and gave the stock a “buy” rating in a research report on Sunday, May 20th. Guggenheim downgraded Ormat Technologies from a “buy” rating to a “neutral” rating and set a $72.00 price target on the stock. in a research report on Wednesday, June 13th. Finally, JPMorgan Chase & Co. raised Ormat Technologies from a “neutral” rating to an “overweight” rating and reduced their price target for the stock from $64.00 to $60.00 in a research report on Thursday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $65.67.
In related news, VP Erez Klein sold 4,120 shares of the stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $54.50, for a total transaction of $224,540.00. Following the sale, the vice president now owns 4,120 shares of the company’s stock, valued at $224,540. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.
About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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