Ormat Technologies (NYSE:ORA) Upgraded to Buy at TD Cowen

TD Cowen upgraded shares of Ormat Technologies (NYSE:ORA) from a hold rating to a buy rating in a report published on Friday, Marketbeat.com reports. They currently have $130.00 price objective on the energy company’s stock, up from their prior price objective of $115.00.

ORA has been the subject of a number of other research reports. Oppenheimer restated an “outperform” rating and issued a $125.00 price objective on shares of Ormat Technologies in a research note on Wednesday, November 5th. Barclays increased their price target on shares of Ormat Technologies from $89.00 to $118.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Wednesday, October 8th. UBS Group lifted their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Piper Sandler increased their target price on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Ormat Technologies has an average rating of “Moderate Buy” and an average target price of $121.89.

Ormat Technologies Trading Up 1.2%

NYSE:ORA opened at $115.44 on Friday. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $119.00. The firm has a 50-day moving average price of $111.91 and a two-hundred day moving average price of $100.04. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 52.96, a price-to-earnings-growth ratio of 4.56 and a beta of 0.71.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.04. The firm had revenue of $249.73 million for the quarter, compared to the consensus estimate of $235.03 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The company’s revenue was up 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 EPS. On average, equities analysts expect that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.48 annualized dividend and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is 22.02%.

Insider Buying and Selling at Ormat Technologies

In related news, CFO Assi Ginzburg sold 20,000 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.72, for a total value of $2,254,400.00. Following the completion of the transaction, the chief financial officer directly owned 4,482 shares in the company, valued at approximately $505,211.04. The trade was a 81.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Isaac Angel sold 18,018 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the sale, the director directly owned 29,650 shares in the company, valued at $3,333,253. The trade was a 37.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 40,860 shares of company stock worth $4,601,530 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds have recently made changes to their positions in the stock. Curio Wealth LLC lifted its holdings in Ormat Technologies by 29,200.0% during the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock worth $25,000 after purchasing an additional 292 shares in the last quarter. Ameriflex Group Inc. increased its position in shares of Ormat Technologies by 1,100.0% during the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after buying an additional 330 shares during the period. Jones Financial Companies Lllp increased its position in shares of Ormat Technologies by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock worth $44,000 after buying an additional 374 shares in the last quarter. Finally, AlphaQuest LLC boosted its position in shares of Ormat Technologies by 218.0% in the third quarter. AlphaQuest LLC now owns 547 shares of the energy company’s stock valued at $53,000 after acquiring an additional 375 shares during the period. 95.49% of the stock is currently owned by hedge funds and other 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.