Ormat Technologies (NYSE:ORA) Upgraded at Sanford C. Bernstein

Ormat Technologies (NYSE:ORA) was upgraded by investment analysts at Sanford C. Bernstein to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Roth Mkm reiterated a “buy” rating and issued a $135.00 price target on shares of Ormat Technologies in a report on Monday, May 11th. Robert W. Baird decreased their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a report on Friday, February 27th. TD Cowen decreased their price target on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Wolfe Research started coverage on Ormat Technologies in a report on Monday, June 8th. They issued a “peer perform” rating on the stock. Finally, Barclays raised their price target on Ormat Technologies from $123.00 to $126.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $131.67.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $126.43 on Tuesday. The business’s 50-day simple moving average is $125.87 and its 200 day simple moving average is $118.73. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of 61.37, a P/E/G ratio of 5.71 and a beta of 0.85. Ormat Technologies has a 12-month low of $80.82 and a 12-month high of $146.39. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The business had revenue of $403.91 million for the quarter, compared to analysts’ expectations of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The firm’s quarterly revenue was up 75.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.68 earnings per share. As a group, research analysts anticipate that Ormat Technologies will post 2.35 earnings per share for the current year.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at approximately $265,457.50. This represents a 90.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David Granot sold 1,766 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares in the company, valued at $237,403.38. The trade was a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,721 shares of company stock valued at $4,105,657. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of ORA. AQR Capital Management LLC raised its position in shares of Ormat Technologies by 324.1% during the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 19,043 shares during the period. United Services Automobile Association acquired a new stake in shares of Ormat Technologies during the first quarter worth about $243,000. Empowered Funds LLC raised its position in shares of Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after purchasing an additional 286 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Ormat Technologies by 22.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock worth $16,593,000 after purchasing an additional 43,483 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of Ormat Technologies by 10.5% during the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 2,329 shares during the period. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.