ValuEngine upgraded shares of Ormat Technologies (NYSE:ORA) from a sell rating to a hold rating in a research report sent to investors on Wednesday, September 12th.
ORA has been the topic of several other reports. Roth Capital set a $67.00 price objective on shares of Ormat Technologies and gave the stock a buy rating in a research note on Sunday, May 20th. Guggenheim lowered shares of Ormat Technologies from a buy rating to a neutral rating and set a $72.00 target price on the stock. in a research report on Wednesday, June 13th. TheStreet lowered shares of Ormat Technologies from a b- rating to a c+ rating in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of Ormat Technologies from a sell rating to a hold rating in a research report on Thursday, June 7th. Finally, JPMorgan Chase & Co. upgraded shares of Ormat Technologies from a neutral rating to an overweight rating and cut their price objective for the company from $64.00 to $60.00 in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Ormat Technologies has an average rating of Hold and an average target price of $64.80.
Shares of ORA stock traded down $0.18 on Wednesday, hitting $52.18. The company’s stock had a trading volume of 177,219 shares, compared to its average volume of 233,688. The firm has a market cap of $2.74 billion, a PE ratio of 17.45, a PEG ratio of 2.87 and a beta of 1.47. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. Ormat Technologies has a fifty-two week low of $45.79 and a fifty-two week high of $70.68.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.17). Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $176.06 million. As a group, analysts forecast that Ormat Technologies will post 1.71 EPS for the current fiscal year.
In other news, EVP Bob Sullivan sold 20,329 shares of the stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $56.94, for a total transaction of $1,157,533.26. Following the completion of the sale, the executive vice president now owns 23,329 shares of the company’s stock, valued at $1,328,353.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Ormat Technologies by 10.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 157,466 shares of the energy company’s stock valued at $8,376,000 after acquiring an additional 14,469 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Ormat Technologies by 1.4% during the 2nd quarter. Van ECK Associates Corp now owns 392,020 shares of the energy company’s stock worth $20,852,000 after buying an additional 5,519 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ormat Technologies by 4.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,543,463 shares of the energy company’s stock worth $87,020,000 after buying an additional 59,441 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Ormat Technologies by 36.6% during the 2nd quarter. Bank of Montreal Can now owns 7,668 shares of the energy company’s stock worth $408,000 after buying an additional 2,055 shares during the last quarter. Finally, Reynders McVeigh Capital Management LLC lifted its stake in shares of Ormat Technologies by 23.9% during the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 40,540 shares of the energy company’s stock worth $2,156,000 after buying an additional 7,815 shares during the last quarter. Hedge funds and other institutional investors own 72.87% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
Further Reading: Asset Allocation
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