Ormat Technologies (NYSE:ORA) Issues Earnings Results

Ormat Technologies (NYSE:ORA) posted its quarterly earnings data on Wednesday. The energy company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.23, FiscalAI reports. The firm had revenue of $275.12 million for the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS.

Ormat Technologies Stock Performance

NYSE ORA traded up $0.24 during trading hours on Wednesday, hitting $94.43. The company had a trading volume of 1,406,054 shares, compared to its average volume of 907,381. 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 market cap of $5.81 billion, a P/E ratio of 46.52, a price-to-earnings-growth ratio of 3.50 and a beta of 0.89. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The business has a fifty day simple moving average of $94.17 and a 200-day simple moving average of $111.18.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, October 15th. Zacks Research lowered Ormat Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. Oppenheimer boosted their price target on Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Jefferies Financial Group reissued a “hold” rating and set a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. Finally, Barclays dropped their price target on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $127.62.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.