Ormat Technologies (NYSE:ORA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ormat Technologies (NYSE:ORA) from a strong sell rating to a sell rating in a research note issued to investors on Sunday morning,Wall Street Zen reports.

Other equities analysts also recently issued reports about the company. TD Cowen upgraded Ormat Technologies to a “strong-buy” rating in a report on Monday, October 5th. Oppenheimer lifted their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. JPMorgan Chase & Co. boosted their target price on Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Jefferies Financial Group reissued a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $130.75.

Ormat Technologies Stock Down 0.7%

Shares of NYSE ORA opened at $91.04 on Friday. The stock has a market capitalization of $5.60 billion, a PE ratio of 44.85, a P/E/G ratio of 3.48 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The firm has a fifty day moving average of $100.37 and a 200-day moving average of $112.12. Ormat Technologies has a 52-week low of $87.06 and a 52-week high of $146.39.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The business had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same period last year, the company posted $0.48 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Ormat Technologies will post 2.63 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s dividend payout ratio is 23.65%.

Institutional Trading of Ormat Technologies

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board acquired a new stake in shares of Ormat Technologies during the second quarter worth approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after buying an additional 282,583 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Ormat Technologies during the second quarter worth approximately $77,650,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.