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

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Shareholders of record on Wednesday, March 12th will be given a dividend of 0.12 per share by the energy company on Wednesday, March 26th. This represents a $0.48 annualized dividend and a yield of 0.69%. The ex-dividend date is Wednesday, March 12th.

Ormat Technologies has a dividend payout ratio of 19.8% meaning its dividend is sufficiently covered by earnings. Equities 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 1.5 %

ORA opened at $69.28 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The stock has a market cap of $4.19 billion, a PE ratio of 35.35, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57. The company has a fifty day moving average of $66.44 and a 200-day moving average of $73.21. Ormat Technologies has a twelve month low of $59.41 and a twelve month high of $84.30.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ORA shares. Roth Mkm reissued a “buy” rating and issued a $92.00 price target (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Piper Sandler began coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and boosted their target price for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Finally, Oppenheimer increased their price target on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $82.88.

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the transaction, the director now directly owns 3,576 shares of the company’s stock, valued at $293,232. The trade was a 25.99 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

About Ormat Technologies

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.