Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Tuesday, November 6th, NASDAQ reports. Shareholders of record on Tuesday, November 20th will be given a dividend of 0.10 per share by the energy company on Tuesday, December 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date is Monday, November 19th.
Ormat Technologies has raised its dividend by an average of 25.0% annually over the last three years. Ormat Technologies has a payout ratio of 23.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $2.31 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 17.3%.
NYSE:ORA opened at $49.51 on Wednesday. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 2.83 and a beta of 1.46. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.16 and a quick ratio of 1.05. Ormat Technologies has a twelve month low of $45.79 and a twelve month high of $70.68.
Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Tuesday, November 6th. The energy company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.13). The company had revenue of $166.50 million during the quarter, compared to analyst estimates of $172.97 million. Ormat Technologies had a net margin of 18.88% and a return on equity of 9.60%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 EPS. On average, sell-side analysts forecast that Ormat Technologies will post 1.71 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised Ormat Technologies from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $64.00 to $60.00 in a report on Thursday, August 9th. ValuEngine raised Ormat Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. TheStreet downgraded Ormat Technologies from a “b-” rating to a “c+” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research raised Ormat Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $64.80.
In other news, EVP Bob Sullivan sold 20,329 shares of the stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $56.94, for a total value of $1,157,533.26. Following the completion of the sale, the executive vice president now owns 23,329 shares of the company’s stock, valued at approximately $1,328,353.26. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.
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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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