Ormat Technologies (NYSE:ORA) Upgraded to Hold at Baird R W

Baird R W upgraded shares of Ormat Technologies (NYSE:ORA) to a hold rating in a report published on Thursday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. Robert W. Baird began coverage on shares of Ormat Technologies in a research note on Thursday. They issued a “neutral” rating and a $81.00 target price for the company. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 28th. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and increased their target price for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Hold” and an average price target of $82.67.

Ormat Technologies Trading Up 0.6 %

Shares of NYSE:ORA opened at $71.92 on Thursday. The company has a market cap of $4.35 billion, a P/E ratio of 36.69, a P/E/G ratio of 3.18 and a beta of 0.51. The stock’s 50-day moving average is $66.79 and its 200-day moving average is $73.02. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Wednesday, March 12th. Ormat Technologies’s dividend payout ratio is 23.53%.

Insiders Place Their Bets

In other news, Director David Granot sold 1,666 shares of the firm’s 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 sale, the director now owns 1,910 shares of the company’s stock, valued at approximately $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Ormat Technologies

Several hedge funds have recently modified their holdings of the company. Jefferies Financial Group Inc. acquired a new stake in shares of Ormat Technologies during the fourth quarter worth approximately $372,000. Polar Asset Management Partners Inc. acquired a new stake in shares of Ormat Technologies during the fourth quarter worth approximately $5,079,000. Squarepoint Ops LLC acquired a new stake in shares of Ormat Technologies during the fourth quarter worth approximately $3,042,000. Twinbeech Capital LP acquired a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $453,000. Finally, Stuart Chaussee & Associates Inc. acquired a new stake in shares of Ormat Technologies in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.