Ormat Technologies Inc. (NYSE: ORA) stock jumped 1.02% on Friday to $82.56 against a previous-day closing price of $81.73. With 0.44 million shares changed hands, the volume of the stock remained lighter than its average volume of 0.66 million shares. During the session, the Utilities – Renewable company that operates in wider Utilities sector, reached to the highest price of $83.18 whereas the lowest price it dropped to was $81.90. The 52-week range on ORA shows that it touched its highest point at $88.52 and its lowest point at $60.32 during that stretch. It currently has a 1-year price target of $79.50. With its current market cap of 4.59 billion, ORA has annualized dividend of $0.48 while the current yield stands at 0.58%. Beta for the stock currently stands at 0.47.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ORA was up-trending over the past week, with a rise of 2.87%, but this was up by 14.83% over a month. Three-month performance surged to 4.49% while six-month performance rose 9.28%. The stock gained 20.67% in the past year, while it has gained 4.11% so far this year. A look at the trailing 12-month EPS for ORA yields 1.16 with Next year EPS estimates of 1.86. For the next quarter, that number is 0.20. This implies an EPS growth rate of -33.10% for this year and 44.32% for next year. EPS is expected to grow by 12.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -9.10%.
Float and Shares Shorts:
At present, 56.06 million ORA shares are outstanding with a float of 55.62 million shares on hand for trading. On Apr 28, 2022, short shares totaled 4.08 million, which was 7.28% higher than short shares on Mar 30, 2022. In addition to Mr. Doron Blachar as the firm’s Chief Exec. Officer, Mr. Shlomi Argas serves as its Pres and Head of Operations & Products.
Through their ownership of 92.00% of ORA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 68.50% of ORA, in contrast to 50.82% held by mutual funds. Shares owned by individuals account for 46.31%. As the largest shareholder in ORA with 19.60% of the stake, ORIX USA Corp. holds 10,988,577 shares worth 10,988,577. A second-largest stockholder of ORA, Migdal Makefet Pension & Providen, holds 4,232,438 shares, controlling over 7.55% of the firm’s shares. The Vanguard Group, Inc. is the third largest shareholder in ORA, holding 4,058,978 shares or 7.24% stake. With a 2.37% stake in ORA, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 1,327,809 shares are owned by the mutual fund manager. The iShares Core S&P Mid Cap ETF, which owns about 2.30% of ORA stock, is the second-largest Mutual Fund holder. It holds 1,290,860 shares valued at 101.14 million. BNP Paribas Funds – Climate Impac holds 2.10% of the stake in ORA, owning 1,174,523 shares worth 92.02 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ORA since 5 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 4 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With ORA analysts setting a high price target of $85.00 and a low target of $75.00, the average target price over the next 12 months is $79.80. Based on these targets, ORA could surge 2.96% to reach the target high and fall by -9.16% to reach the target low. Reaching the average price target will result in a decline of -3.34% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. ORA will report FY 2022 earnings on 02/22/2023. Analysts have provided yearly estimates in a range of $1.41 being high and $1.21 being low. For ORA, this leads to a yearly average estimate of $1.31. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Ormat Technologies Inc. surprised analysts by $0.00 when it reported $0.33 EPS against a consensus estimate of $0.33. The surprise factor in the prior quarter was $0.04. Based on analyst estimates, the high estimate for the next quarter is $0.31 and the low estimate is $0.17. The average estimate for the next quarter is thus $0.21.
Summary of Insider Activity:
Insiders traded ORA stock several times over the past three months with 13 Buys and 23 Sells. In these transactions, 154,203 shares were bought while 144,167 shares were sold. The number of buy transactions has increased to 36 while that of sell transactions has risen to 39 over the past year. The total number of shares bought during that period was 204,858 while 170,032 shares were sold.