Ormat Technologies (NYSE:ORA) Price Target Cut to $120.00 by Analysts at Piper Sandler

Ormat Technologies (NYSE:ORA) had its target price dropped by research analysts at Piper Sandler from $142.00 to $120.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Piper Sandler‘s price objective suggests a potential upside of 27.50% from the company’s previous close.

Other research analysts also recently issued reports about the company. Morgan Stanley started coverage on Ormat Technologies in a report on Thursday, October 29th. They set an “overweight” rating and a $123.00 price target on the stock. Zacks Research downgraded Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. Oppenheimer decreased their target price on Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday. Barclays lowered their target price on shares of Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.15.

Ormat Technologies Trading Up 2.4%

Shares of NYSE:ORA traded up $2.22 on Monday, hitting $94.12. The company had a trading volume of 112,227 shares, compared to its average volume of 869,820. The firm’s 50-day simple moving average is $93.71 and its two-hundred day simple moving average is $110.93. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $5.79 billion, a price-to-earnings ratio of 43.74, a P/E/G ratio of 3.31 and a beta of 0.89. Ormat Technologies has a 1 year low of $85.77 and a 1 year high of $146.39.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.33 by $0.23. The business had revenue of $275.12 million for the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.90%. Ormat Technologies’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Equities analysts anticipate that Ormat Technologies will post 2.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Main Street Group LTD bought a new position in shares of Ormat Technologies in the 1st quarter worth approximately $29,000. Quantbot Technologies LP bought a new stake in Ormat Technologies during the second quarter valued at approximately $33,000. Allworth Financial LP bought a new stake in Ormat Technologies during the second quarter valued at approximately $40,000. Public Employees Retirement System of Ohio bought a new stake in Ormat Technologies during the second quarter valued at approximately $46,000. Finally, Root Financial Partners LLC purchased a new stake in Ormat Technologies during the third quarter valued at approximately $42,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.