Ormat Technologies, Inc. (ORA) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Ormat Technologies, Inc. (NYSE:ORA) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has $68.00 price objective on the energy company’s stock.
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. “
Other research analysts also recently issued reports about the company. BidaskClub upgraded Ormat Technologies from a hold rating to a buy rating in a research note on Saturday, June 10th. Cowen and Company set a $67.00 price objective on Ormat Technologies and gave the company a buy rating in a research note on Monday, July 17th. Oppenheimer Holdings, Inc. reiterated a buy rating and set a $70.00 price objective (up from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. TheStreet downgraded Ormat Technologies from a b rating to a c+ rating in a research note on Monday, August 14th. Finally, J P Morgan Chase & Co upgraded Ormat Technologies from a neutral rating to an overweight rating and boosted their price objective for the company from $65.00 to $71.00 in a research note on Wednesday, June 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Ormat Technologies currently has a consensus rating of Buy and an average price target of $66.38.
Ormat Technologies (NYSE:ORA) traded up 0.25% during mid-day trading on Thursday, reaching $60.59. 110,143 shares of the company were exchanged. The stock has a 50-day moving average price of $57.88 and a 200 day moving average price of $58.17. Ormat Technologies has a one year low of $45.30 and a one year high of $63.56. The company has a market capitalization of $3.02 billion, a PE ratio of 27.64 and a beta of 1.22.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million during the quarter, compared to the consensus estimate of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The firm’s revenue was up 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. Analysts predict that Ormat Technologies will post $2.29 EPS for the current year.
In other Ormat Technologies news, SVP Etty Rosner sold 9,983 shares of the company’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $60.23, for a total value of $601,276.09. Following the completion of the transaction, the senior vice president now directly owns 9,983 shares in the company, valued at approximately $601,276.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Isaac Angel sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total value of $8,550,000.00. The disclosure for this sale can be found here. Insiders sold a total of 11,118,038 shares of company stock valued at $633,938,695 over the last 90 days. 22.97% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its position in shares of Ormat Technologies by 1.7% during the 2nd quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock valued at $117,000 after acquiring an additional 34 shares during the last quarter. Creative Planning boosted its position in shares of Ormat Technologies by 12.0% during the 2nd quarter. Creative Planning now owns 2,099 shares of the energy company’s stock valued at $123,000 after acquiring an additional 225 shares during the last quarter. US Bancorp DE boosted its position in shares of Ormat Technologies by 33.6% during the 1st quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after acquiring an additional 545 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Ormat Technologies by 16.6% during the 1st quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after acquiring an additional 326 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of Ormat Technologies by 89.3% during the 1st quarter. Quantbot Technologies LP now owns 2,334 shares of the energy company’s stock valued at $133,000 after acquiring an additional 1,101 shares during the last quarter. Hedge funds and other institutional investors own 46.41% 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. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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