Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, November 8th, Wall Street Journal reports. Shareholders of record on Tuesday, November 21st will be given a dividend of 0.08 per share by the energy company on Tuesday, December 5th. This represents a $0.32 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend is Monday, November 20th.
Ormat Technologies has raised its dividend payment by an average of 86.6% per year over the last three years. Ormat Technologies has a payout ratio of 14.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Ormat Technologies to earn $2.49 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 12.9%.
Ormat Technologies (NYSE ORA) opened at $63.03 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.72 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $3,189.13, a price-to-earnings ratio of 27.89, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25. Ormat Technologies has a twelve month low of $46.38 and a twelve month high of $65.91.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. Ormat Technologies had a return on equity of 9.41% and a net margin of 16.99%. Ormat Technologies’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.56 EPS. equities analysts forecast that Ormat Technologies will post 2.21 EPS for the current year.
In other Ormat Technologies news, VP Erez Klein sold 24,576 shares of the stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $59.03, for a total value of $1,450,721.28. Following the transaction, the vice president now owns 23,890 shares of the company’s stock, valued at $1,410,226.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David Granot sold 2,500 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $57.66, for a total value of $144,150.00. Following the completion of the transaction, the director now directly owns 2,500 shares in the company, valued at approximately $144,150. The disclosure for this sale can be found here. Insiders have sold 84,359 shares of company stock worth $5,013,332 over the last ninety days. 14.74% of the stock is currently owned by insiders.
A number of equities research analysts have recently commented on ORA shares. TheStreet raised Ormat Technologies from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Tuesday, August 8th. Roth Capital set a $70.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, November 13th. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $70.00 target price (up from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Finally, Cowen and Company set a $67.00 target price on Ormat Technologies and gave the stock a “buy” rating in a research note on Friday, August 18th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $66.88.
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About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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