Ormat Technologies (NYSE:ORA) Raised to Strong Sell at Sanford C. Bernstein

Ormat Technologies (NYSE:ORA) was upgraded by equities researchers at Sanford C. Bernstein to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Royal Bank Of Canada assumed coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an “outperform” rating and a $130.00 price objective on the stock. Roth Mkm restated a “buy” rating and set a $135.00 price objective on shares of Ormat Technologies in a research note on Monday, May 11th. Barclays upped their price objective on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Piper Sandler upped their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Finally, JPMorgan Chase & Co. upped their price objective on Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.67.

Ormat Technologies Trading Down 5.6%

NYSE:ORA opened at $126.43 on Tuesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. Ormat Technologies has a one year low of $80.82 and a one year high of $146.39. The business’s 50-day simple moving average is $125.87 and its 200 day simple moving average is $118.73. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of 61.37, a price-to-earnings-growth ratio of 5.71 and a beta of 0.85.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. During the same quarter in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was up 75.8% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies will post 2.35 earnings per share for the current fiscal year.

Insider Activity at Ormat Technologies

In other news, Director David Granot sold 1,766 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michal Marom sold 3,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $130.97, for a total value of $403,387.60. Following the transaction, the director directly owned 1,766 shares of the company’s stock, valued at $231,293.02. This trade represents a 63.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,721 shares of company stock valued at $4,105,657. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA grew its holdings in shares of Ormat Technologies by 3.4% during the first quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company’s stock valued at $274,000 after purchasing an additional 81 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Ormat Technologies by 13.0% during the fourth quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock valued at $82,000 after purchasing an additional 86 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Ormat Technologies by 9.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock valued at $127,000 after purchasing an additional 99 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Ormat Technologies by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after purchasing an additional 113 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of Ormat Technologies by 6.7% during the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock valued at $231,000 after purchasing an additional 131 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.