Ormat Technologies (NYSE:ORA) Stock Moved Up to “Sell” by Wall Street Zen

Wall Street Zen upgraded shares of Ormat Technologies (NYSE:ORA) from a strong sell rating to a sell rating in a report published on Sunday morning,Wall Street Zen reports.

Several other research firms have also commented on ORA. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a report on Friday, July 17th. Oppenheimer increased their price target on Ormat Technologies from $141.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. JPMorgan Chase & Co. raised their price target on Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Jefferies Financial Group restated a “hold” rating and set a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $130.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. One investment 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $130.75.

Ormat Technologies Price Performance

Shares of NYSE:ORA opened at $88.80 on Friday. 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 fifty-two week low of $87.06 and a fifty-two week high of $146.39. The firm has a 50-day simple moving average of $100.68 and a 200 day simple moving average of $112.39. The company has a market cap of $5.46 billion, a PE ratio of 43.75, a P/E/G ratio of 3.38 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data 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 net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. Ormat Technologies’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Ormat Technologies will post 2.63 EPS for the current year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is currently 23.65%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ORA. Main Street Group LTD acquired a new position in shares of Ormat Technologies during the first quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies during the fourth quarter valued at about $31,000. Quantbot Technologies LP bought a new stake in shares of Ormat Technologies during the second quarter valued at about $33,000. Allworth Financial LP bought a new stake in shares of Ormat Technologies during the second quarter valued at about $40,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Ormat Technologies in the second quarter worth about $46,000. 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.