Brokerages expect that Ormat Technologies, Inc. (NYSE:ORA) will report sales of $169.36 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Ormat Technologies’ earnings, with the highest sales estimate coming in at $174.79 million and the lowest estimate coming in at $166.40 million. Ormat Technologies reported sales of $166.52 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.7%. The firm is expected to announce its next quarterly earnings report before the market opens on Thursday, March 1st.
On average, analysts expect that Ormat Technologies will report full-year sales of $169.36 million for the current year, with estimates ranging from $692.80 million to $709.02 million. For the next fiscal year, analysts expect that the company will report sales of $724.61 million per share, with estimates ranging from $700.20 million to $770.64 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Ormat Technologies.
Several equities research analysts have recently commented on ORA shares. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Guggenheim started coverage on Ormat Technologies in a research note on Monday, January 8th. They issued a “buy” rating and a $72.00 price objective for the company. Roth Capital reduced their price objective on Ormat Technologies from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, March 2nd. Cowen set a $67.00 price target on Ormat Technologies and gave the stock a “buy” rating in a research note on Thursday, March 1st. Finally, TheStreet upgraded Ormat Technologies from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Ormat Technologies currently has a consensus rating of “Buy” and a consensus target price of $69.57.
A number of hedge funds have recently modified their holdings of the business. Xact Kapitalforvaltning AB purchased a new stake in Ormat Technologies in the 4th quarter worth $265,000. Handelsbanken Fonder AB increased its stake in Ormat Technologies by 50.2% in the 4th quarter. Handelsbanken Fonder AB now owns 132,829 shares of the energy company’s stock worth $8,496,000 after buying an additional 44,423 shares in the last quarter. Delek Group Ltd. purchased a new stake in Ormat Technologies in the 4th quarter worth $41,008,000. Meitav Dash Investments Ltd. purchased a new stake in Ormat Technologies in the 4th quarter worth $448,000. Finally, MetLife Investment Advisors LLC purchased a new stake in Ormat Technologies in the 4th quarter worth $1,207,000. Institutional investors and hedge funds own 69.99% of the company’s stock.
Ormat Technologies (ORA) traded down $0.14 during trading hours on Wednesday, hitting $55.16. The stock had a trading volume of 56,028 shares, compared to its average volume of 242,150. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.72 and a quick ratio of 1.62. The stock has a market cap of $2,834.96, a price-to-earnings ratio of 23.79, a price-to-earnings-growth ratio of 1.70 and a beta of 1.29. Ormat Technologies has a 52-week low of $54.18 and a 52-week high of $70.68.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Tuesday, March 13th. This is a positive change from Ormat Technologies’s previous quarterly dividend of $0.08. Ormat Technologies’s dividend payout ratio is presently 13.73%.
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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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