Ormat Technologies Inc. (ORA) Downgraded by Zacks Investment Research to “Hold”
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other research firms have also weighed in on ORA. JPMorgan Chase & Co. restated a hold rating on shares of Ormat Technologies in a report on Wednesday, August 3rd. Oppenheimer Holdings Inc. started coverage on Ormat Technologies in a report on Thursday, September 8th. They issued an outperform rating and a $54.00 target price for the company. Finally, Roth Capital assumed coverage on Ormat Technologies in a report on Thursday, July 28th. They issued a buy rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $46.80.
Shares of Ormat Technologies (NYSE:ORA) traded down 0.17% during trading on Wednesday, reaching $47.17. The company had a trading volume of 137,224 shares. The firm has a market capitalization of $2.34 billion, a PE ratio of 15.68 and a beta of 1.19. Ormat Technologies has a 12 month low of $32.25 and a 12 month high of $51.19. The stock has a 50 day moving average price of $48.73 and a 200 day moving average price of $44.82.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Tuesday, August 2nd. The company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.07. Ormat Technologies had a return on equity of 9.18% and a net margin of 23.05%. The firm earned $159.90 million during the quarter, compared to analyst estimates of $152.88 million. During the same period in the previous year, the company earned $0.28 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, equities research analysts forecast that Ormat Technologies will post $1.91 EPS for the current year.
In other news, Director David Granot sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.27, for a total transaction of $168,945.00. Following the sale, the director now directly owns 3,500 shares in the company, valued at $168,945. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert F. Clarke sold 22,500 shares of the business’s stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $47.74, for a total value of $1,074,150.00. Following the sale, the director now owns 7,500 shares in the company, valued at $358,050. The disclosure for this sale can be found here. 22.97% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Ormat Technologies by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,248,853 shares of the company’s stock worth $54,649,000 after buying an additional 74,834 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Ormat Technologies by 13.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,004,355 shares of the company’s stock worth $41,420,000 after buying an additional 116,906 shares in the last quarter. BlackRock Fund Advisors boosted its stake in Ormat Technologies by 5.4% in the second quarter. BlackRock Fund Advisors now owns 942,795 shares of the company’s stock worth $41,257,000 after buying an additional 48,405 shares in the last quarter. State Street Corp boosted its stake in Ormat Technologies by 3.5% in the first quarter. State Street Corp now owns 633,028 shares of the company’s stock worth $26,110,000 after buying an additional 21,294 shares in the last quarter. Finally, Impax Asset Management LTD boosted its stake in Ormat Technologies by 7.9% in the second quarter. Impax Asset Management LTD now owns 610,831 shares of the company’s stock worth $26,729,000 after buying an additional 44,653 shares in the last quarter. Institutional investors and hedge funds own 41.27% of the company’s stock.
About Ormat Technologies
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
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