TD Cowen Upgrades Ormat Technologies (NYSE:ORA) to “Strong-Buy”

Ormat Technologies (NYSE:ORA) was upgraded by TD Cowen to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

ORA has been the topic of several other reports. Wolfe Research assumed coverage on shares of Ormat Technologies in a report on Monday, June 8th. They set a “peer perform” rating on the stock. Wall Street Zen lowered shares of Ormat Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday. Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a research report on Friday, September 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $130.00 price target on shares of Ormat Technologies in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $130.75.

Ormat Technologies Stock Performance

NYSE:ORA opened at $93.06 on Monday. Ormat Technologies has a twelve month low of $87.06 and a twelve month high of $146.39. 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 stock’s 50-day simple moving average is $101.10 and its 200 day simple moving average is $112.80. The firm has a market capitalization of $5.72 billion, a PE ratio of 45.84, a price-to-earnings-growth ratio of 3.51 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last issued its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. On average, analysts anticipate that Ormat Technologies will post 2.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the second quarter valued at $259,568,000. Canada Pension Plan Investment Board acquired a new position in shares of Ormat Technologies during the second quarter worth $173,638,000. Harel Insurance Investments & Financial Services Ltd. lifted its holdings 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 purchasing an additional 282,583 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Ormat Technologies in the second quarter worth $77,650,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

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.