Ormat Technologies (NYSE:ORA) Stock Bumped Up to Strong-Buy by TD Cowen

TD Cowen upgraded shares of Ormat Technologies (NYSE:ORA) to a strong-buy rating in a research report sent to investors on Monday,Zacks reports.

Several other equities research analysts have also recently commented on the company. Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price for the company in a research note on Friday, September 4th. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Barclays reduced their price objective on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research report on Monday, August 10th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Ormat Technologies has an average rating of “Moderate Buy” and an average price target of $130.75.

Ormat Technologies Price Performance

ORA stock opened at $91.39 on Monday. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 45.02, a PEG ratio of 3.57 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. Ormat Technologies has a 12-month low of $87.06 and a 12-month high of $146.39. The company’s fifty day simple moving average is $101.21 and its 200 day simple moving average is $112.90.

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

Ormat Technologies Dividend Announcement

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

Institutional Trading of Ormat Technologies

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Ormat Technologies during the 2nd quarter valued at $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Ormat Technologies during the second quarter valued at about $259,568,000. Canada Pension Plan Investment Board acquired a new position in shares of Ormat Technologies during the second quarter valued at about $173,638,000. Harel Insurance Investments & Financial Services Ltd. lifted its position in Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after acquiring an additional 282,583 shares in the last quarter. Finally, Legal & General Group Plc bought a new position in Ormat Technologies in the 2nd quarter valued at about $77,650,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

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.