Barclays Initiates Coverage on Ormat Technologies (NYSE:ORA)

Posted by Amy Steele on May 26th, 2023

Barclays assumed coverage on shares of Ormat Technologies (NYSE:ORA – Get Rating) in a report published on Monday, The Fly reports. The brokerage issued an equal weight rating and a $89.00 price objective on the energy company’s stock.

A number of other research firms have also weighed in on ORA. StockNews.com started coverage on Ormat Technologies in a research note on Thursday, May 18th. They issued a sell rating for the company. Oppenheimer dropped their price target on Ormat Technologies from $106.00 to $96.00 and set an outperform rating for the company in a research note on Friday, February 24th. UBS Group raised Ormat Technologies from a neutral rating to a buy rating and increased their price target for the company from $103.00 to $105.00 in a research note on Wednesday, March 1st. Citigroup dropped their price target on Ormat Technologies from $91.00 to $88.00 and set a neutral rating for the company in a research note on Monday, March 27th. Finally, Roth Mkm dropped their price target on Ormat Technologies from $104.00 to $93.00 and set a neutral rating for the company in a research note on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Ormat Technologies has a consensus rating of Hold and a consensus target price of $91.86.

Ormat Technologies Stock Performance

NYSE ORA opened at $83.98 on Monday. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 62.21, a price-to-earnings-growth ratio of 4.02 and a beta of 0.46. The company has a quick ratio of 1.96, a current ratio of 2.07 and a debt-to-equity ratio of 0.71. The business has a 50-day moving average price of $84.39 and a 200-day moving average price of $87.94. Ormat Technologies has a twelve month low of $67.28 and a twelve month high of $101.81.

Ormat Technologies (NYSE:ORA – Get Rating) last released its quarterly earnings data on Tuesday, May 9th. The energy company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The firm had revenue of $185.20 million during the quarter, compared to analyst estimates of $212.86 million. Ormat Technologies had a return on equity of 4.86% and a net margin of 10.39%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. As a group, equities research analysts predict that Ormat Technologies will post 2.1 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 6th. Stockholders of record on Tuesday, May 23rd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, May 22nd. This represents a $0.48 annualized dividend and a dividend yield of 0.57%. Ormat Technologies’s payout ratio is 35.56%.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. IFP Advisors Inc increased its holdings in Ormat Technologies by 30.0% during the 3rd quarter. IFP Advisors Inc now owns 533 shares of the energy company’s stock worth $27,000 after purchasing an additional 123 shares during the period. Ruedi Wealth Management Inc. purchased a new position in Ormat Technologies during the 4th quarter worth $28,000. Harvest Fund Management Co. Ltd purchased a new position in Ormat Technologies during the 4th quarter worth $31,000. Belpointe Asset Management LLC purchased a new position in Ormat Technologies during the 4th quarter worth $36,000. Finally, Agur Provident & Training Funds Management Ltd. purchased a new position in Ormat Technologies during the 1st quarter worth $41,000. 81.74% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

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Ormat Technologies, Inc operates as a holding company. The firm engages in the geothermal and recovered energy power businesses. It operates through the following segments: Electricity, Product and Energy Storage. The Electricity segment focuses on the sale of electricity from the company’s power plants pursuant to power purchase agreements.