Oppenheimer Lowers Ormat Technologies (NYSE:ORA) Price Target to $141.00

Ormat Technologies (NYSE:ORA) had its price objective reduced by equities research analysts at Oppenheimer from $144.00 to $141.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Oppenheimer’s target price would indicate a potential upside of 30.93% from the company’s previous close.

ORA has been the subject of several other research reports. UBS Group raised their price objective on shares of Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Barclays increased their price target on shares of Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Roth Capital restated a “buy” rating and issued a $135.00 price objective on shares of Ormat Technologies in a research report on Monday, May 11th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $131.50.

Ormat Technologies Stock Performance

Ormat Technologies stock traded up $0.31 on Friday, reaching $107.69. 57,342 shares of the stock were exchanged, compared to its average volume of 867,666. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. Ormat Technologies has a twelve month low of $86.08 and a twelve month high of $146.39. The firm has a fifty day moving average price of $117.03 and a two-hundred day moving average price of $117.56. The stock has a market cap of $6.62 billion, a PE ratio of 52.90, a PEG ratio of 4.18 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.65%. The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same quarter last year, the company posted $0.48 earnings per share. Ormat Technologies’s quarterly revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Ormat Technologies will post 2.35 EPS for the current year.

Insiders Place Their Bets

In other Ormat Technologies news, CFO Assi Ginzburg sold 17,776 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $134.75, for a total transaction of $2,395,316.00. Following the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at $265,457.50. The trade was a 90.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David Granot sold 1,766 shares of Ormat Technologies stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the transaction, the director owned 1,766 shares of the company’s stock, valued at $237,403.38. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,585 shares of company stock valued at $4,090,998 in the last quarter. 0.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Ormat Technologies

Several institutional investors and hedge funds have recently modified their holdings of ORA. Aster Capital Management DIFC Ltd bought a new stake in Ormat Technologies during the 4th quarter worth approximately $26,000. Main Street Group LTD acquired a new stake in Ormat Technologies in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies in the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $32,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Ormat Technologies by 245.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after purchasing an additional 211 shares during the period. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

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.