Ormat Technologies Inc. (NYSE:ORA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

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. “

A number of other research analysts also recently weighed in on the company. Roth Capital assumed coverage on Ormat Technologies in a research note on Thursday, July 28th. They issued a “buy” rating and a $50.00 price target on the stock. Oppenheimer Holdings Inc. assumed coverage on Ormat Technologies in a research note on Thursday, September 8th. They issued an “outperform” rating and a $54.00 price target on the stock. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Ormat Technologies in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. Ormat Technologies currently has an average rating of “Hold” and a consensus price target of $46.80.

Ormat Technologies (NYSE:ORA) opened at 46.01 on Friday. The stock has a market cap of $2.28 billion, a P/E ratio of 15.30 and a beta of 1.10. The firm has a 50-day moving average price of $47.80 and a 200-day moving average price of $45.86. Ormat Technologies has a 52 week low of $32.25 and a 52 week high of $51.19.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Monday, November 7th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. Ormat Technologies had a return on equity of 9.45% and a net margin of 13.29%. The firm had revenue of $184 million for the quarter, compared to the consensus estimate of $163.66 million. During the same quarter in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, equities research analysts predict that Ormat Technologies will post $1.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Investors of record on Monday, November 21st will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.61%. The ex-dividend date is Thursday, November 17th. Ormat Technologies’s payout ratio is presently 15.73%.

In other Ormat Technologies news, Director Robert F. Clarke sold 22,500 shares of the stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $47.74, for a total transaction of $1,074,150.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $358,050. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dan Falk sold 7,500 shares of the stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total value of $366,750.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $366,750. The disclosure for this sale can be found here. Corporate insiders own 22.97% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ORA. Sei Investments Co. boosted its position in Ormat Technologies by 5.1% in the third quarter. Sei Investments Co. now owns 2,327 shares of the company’s stock worth $113,000 after buying an additional 113 shares during the period. Victory Capital Management Inc. boosted its position in Ormat Technologies by 77.2% in the second quarter. Victory Capital Management Inc. now owns 2,623 shares of the company’s stock worth $115,000 after buying an additional 1,143 shares during the period. BlackRock Inc. boosted its position in Ormat Technologies by 110.0% in the first quarter. BlackRock Inc. now owns 2,669 shares of the company’s stock worth $110,000 after buying an additional 1,398 shares during the period. Quantbot Technologies LP purchased a new position in Ormat Technologies during the second quarter worth about $135,000. Finally, Baird Financial Group Inc. purchased a new position in Ormat Technologies during the second quarter worth about $204,000. Hedge funds and other institutional investors own 41.34% of the company’s stock.

Ormat Technologies Company Profile

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.

5 Day Chart for NYSE:ORA

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