Ormat Technologies, Inc. (NYSE:ORA) was upgraded by investment analysts at TheStreet from a “c+” rating to a “b-” rating in a research note issued to investors on Monday.
A number of other brokerages have also recently weighed in on ORA. Roth Capital set a $70.00 price target on Ormat Technologies and gave the stock a “buy” rating in a research report on Monday. Zacks Investment Research cut Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday. Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, Oppenheimer Holdings, Inc. reiterated a “buy” rating and issued a $70.00 price objective (up from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $66.88.
Shares of Ormat Technologies (NYSE:ORA) opened at $63.32 on Monday. Ormat Technologies has a 12-month low of $45.67 and a 12-month high of $65.91. The firm has a market capitalization of $3,150.18, a PE ratio of 27.55, a price-to-earnings-growth ratio of 2.06 and a beta of 1.25. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.72 and a quick ratio of 1.62.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). Ormat Technologies had a return on equity of 9.41% and a net margin of 16.99%. The company had revenue of $157.20 million during the quarter, compared to analyst estimates of $159.02 million. During the same period in the prior year, the firm earned $0.56 EPS. Ormat Technologies’s quarterly revenue was down 14.8% on a year-over-year basis. sell-side analysts expect that Ormat Technologies will post 2.24 EPS for the current fiscal year.
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In related news, VP Erez Klein sold 24,576 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $59.03, for a total transaction of $1,450,721.28. Following the transaction, the vice president now directly owns 23,890 shares in the company, valued at $1,410,226.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Shimon Hatzir sold 2,976 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $58.50, for a total value of $174,096.00. Following the transaction, the vice president now owns 2,976 shares in the company, valued at $174,096. The disclosure for this sale can be found here. Insiders sold 84,359 shares of company stock worth $5,013,332 over the last quarter. 14.74% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of ORA. BlackRock Inc. increased its stake in Ormat Technologies by 6,068.3% during the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after acquiring an additional 2,433,766 shares during the period. Renaissance Technologies LLC increased its stake in Ormat Technologies by 17.8% during the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after acquiring an additional 164,100 shares during the period. FMR LLC bought a new position in Ormat Technologies during the first quarter valued at about $8,562,000. Vanguard Group Inc. increased its stake in Ormat Technologies by 4.4% during the second quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after acquiring an additional 142,724 shares during the period. Finally, AHL Partners LLP bought a new position in Ormat Technologies during the second quarter valued at about $8,370,000. Hedge funds and other institutional investors own 45.96% of the company’s stock.
Ormat Technologies Company Profile
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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