Fintel reports that on October 19, 2023, JP Morgan maintained coverage of Ormat Technologies (NYSE:ORA) with a Neutral recommendation.
Analyst Price Forecast Suggests 35.64% Upside
As of October 5, 2023, the average one-year price target for Ormat Technologies is 92.24. The forecasts range from a low of 81.81 to a high of $105.00. The average price target represents an increase of 35.64% from its latest reported closing price of 68.00.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Ormat Technologies is 874MM, an increase of 14.82%. The projected annual non-GAAP EPS is 1.89.
Ormat Technologies Declares $0.12 Dividend
On August 2, 2023 the company declared a regular quarterly dividend of $0.12 per share ($0.48 annualized). Shareholders of record as of August 16, 2023 received the payment on August 30, 2023. Previously, the company paid $0.12 per share.
At the current share price of $68.00 / share, the stock's dividend yield is 0.71%.
Looking back five years and taking a sample every week, the average dividend yield has been 0.63%, the lowest has been 0.36%, and the highest has been 0.94%. The standard deviation of yields is 0.10 (n=235).
The current dividend yield is 0.69 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.32. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.09%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 627 funds or institutions reporting positions in Ormat Technologies. This is a decrease of 10 owner(s) or 1.57% in the last quarter. Average portfolio weight of all funds dedicated to ORA is 0.23%, a decrease of 1.69%. Total shares owned by institutions increased in the last three months by 1.02% to 57,304K shares. 
The put/call ratio of ORA is 1.92, indicating a bearish outlook.
What are Other Shareholders Doing?
Orix holds 6,676K shares representing 11.08% ownership of the company. No change in the last quarter.
Clal Insurance Enterprises Holdings holds 2,313K shares representing 3.84% ownership of the company. In it's prior filing, the firm reported owning 2,318K shares, representing a decrease of 0.25%. The firm decreased its portfolio allocation in ORA by 24.44% over the last quarter.
Amundi holds 2,059K shares representing 3.42% ownership of the company. In it's prior filing, the firm reported owning 1,976K shares, representing an increase of 4.02%. The firm increased its portfolio allocation in ORA by 1,361.99% over the last quarter.
Impax Asset Management Group holds 2,052K shares representing 3.41% ownership of the company. In it's prior filing, the firm reported owning 2,119K shares, representing a decrease of 3.27%. The firm decreased its portfolio allocation in ORA by 11.60% over the last quarter.
Global Alpha Capital Management holds 1,990K shares representing 3.30% ownership of the company. In it's prior filing, the firm reported owning 2,002K shares, representing a decrease of 0.58%. The firm decreased its portfolio allocation in ORA by 2.52% over the last quarter.
Ormat Technologies Background Information
(This description is provided by the company.)
With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation ('REG'), with robust plan to accelerate long-term growth in the energy segment market to establish leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter - a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company activity into the energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current 932 MW of geothermal and Solar generating portfolio is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe and its 73 MW energy storage portfolio is located in the U.S.
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