Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given a consensus recommendation of “Buy” by the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $66.38.
A number of analysts recently issued reports on ORA shares. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Thursday, October 5th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $70.00 target price (up previously from $65.00) on shares of Ormat Technologies in a research report on Wednesday, September 27th. TheStreet cut Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. Finally, Cowen and Company set a $67.00 price target on Ormat Technologies and gave the stock a “buy” rating in a report on Monday, July 17th.
Ormat Technologies (NYSE ORA) traded down $0.03 on Friday, hitting $64.76. The company’s stock had a trading volume of 112,685 shares, compared to its average volume of 134,372. Ormat Technologies has a 1 year low of $45.30 and a 1 year high of $65.91. The firm has a market cap of $3,232.17, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 2.09 and a beta of 1.25. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.81 and a quick ratio of 1.72.
Ormat Technologies (NYSE:ORA) last released its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $179.36 million for 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%. Ormat Technologies’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. research analysts expect that Ormat Technologies will post 2.29 EPS for the current year.
In related news, VP Shlomi Argas sold 11,523 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $59.50, for a total value of $685,618.50. Following the completion of the sale, the vice president now directly owns 1,734 shares in the company, valued at $103,173. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David Granot sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $57.66, for a total value of $144,150.00. Following the completion of the sale, the director now owns 2,500 shares of the company’s stock, valued at $144,150. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,859 shares of company stock valued at $5,446,457. Corporate insiders own 14.74% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Ormat Technologies by 4.4% during the second quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after purchasing an additional 142,724 shares in the last quarter. BlackRock Inc. raised its position in Ormat Technologies by 6,068.3% during the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after purchasing an additional 2,433,766 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Ormat Technologies by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after purchasing an additional 96,288 shares in the last quarter. Renaissance Technologies LLC raised its position in Ormat Technologies by 17.8% during the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after purchasing an additional 164,100 shares in the last quarter. Finally, State Street Corp raised its position in Ormat Technologies by 7.5% during the second quarter. State Street Corp now owns 778,621 shares of the energy company’s stock valued at $45,685,000 after purchasing an additional 54,489 shares in the last quarter. Institutional investors and hedge funds own 46.59% of the company’s stock.
Ormat Technologies Company Profile
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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