Ormat Technologies (NYSE:ORA) Stock Bumped Down to Strong Sell by Wall Street Zen

Wall Street Zen downgraded shares of Ormat Technologies (NYSE:ORA) from a sell rating to a strong sell rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other analysts have also commented on the company. Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price objective on the stock in a research note on Friday, September 4th. Barclays cut their target price on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. JPMorgan Chase & Co. raised their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 9th. Finally, Oppenheimer boosted their price objective on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Ormat Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.75.

Ormat Technologies Price Performance

ORA stock opened at $92.86 on Friday. Ormat Technologies has a 1 year low of $87.06 and a 1 year high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The stock’s 50 day moving average price is $101.43 and its 200 day moving average price is $113.00. The firm has a market cap of $5.71 billion, a P/E ratio of 45.75, a PEG ratio of 3.57 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The company had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. During the same quarter last year, the business posted $0.48 earnings per share. Ormat Technologies’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Ormat Technologies will post 2.6 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. Ormat Technologies’s dividend payout ratio is currently 23.65%.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in Ormat Technologies by 73.4% in the third quarter. Versant Capital Management Inc now owns 579 shares of the energy company’s stock valued at $53,000 after purchasing an additional 245 shares during the period. WINTON GROUP Ltd purchased a new position in Ormat Technologies during the second quarter worth approximately $697,000. Integrated Wealth Concepts LLC purchased a new position in Ormat Technologies during the second quarter worth approximately $134,000. Arizona State Retirement System boosted its holdings in shares of Ormat Technologies by 5.9% in the 2nd quarter. Arizona State Retirement System now owns 16,790 shares of the energy company’s stock valued at $1,828,000 after purchasing an additional 930 shares during the last quarter. Finally, Agur Provident & Training Funds Management Ltd. acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at $9,683,000. 95.49% of the stock is owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.