Ormat Technologies, Inc. (ORA) To Go Ex-Dividend on March 12th

Ormat Technologies, Inc. (NYSE:ORA) announced a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Investors 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 of this dividend is Wednesday, March 12th.

Ormat Technologies has a payout ratio of 19.7% meaning its dividend is sufficiently covered by earnings. Research 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 %

NYSE ORA opened at $70.64 on Monday. The stock’s 50-day simple moving average is $66.51 and its two-hundred day simple moving average is $73.06. Ormat Technologies has a twelve month low of $59.41 and a twelve month high of $84.30. 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 company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 36.04, a PEG ratio of 3.18 and a beta of 0.51.

Wall Street Analyst Weigh In

ORA has been the topic of several recent analyst reports. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and raised their target price for the stock from $73.00 to $78.00 in a research note on Thursday, February 20th. JPMorgan Chase & Co. raised their target price on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. 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 price objective for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Insiders Place Their Bets

In other news, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the transaction, the director now directly owns 1,910 shares in the company, valued at approximately $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction that occurred on 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 of the company’s stock, 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. 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.