Zacks Investment Research Upgrades Ormat Technologies (ORA) to Buy
Zacks Investment Research upgraded shares of Ormat Technologies (NYSE:ORA) from a hold rating to a buy rating in a report issued on Wednesday morning. The brokerage currently has $72.00 price target on the energy company’s stock.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Other analysts also recently issued research reports about the stock. TheStreet raised shares of Ormat Technologies from a c+ rating to a b- rating in a report on Monday, November 13th. Roth Capital set a $70.00 price target on shares of Ormat Technologies and gave the company a buy rating in a report on Monday, November 13th. Finally, Oppenheimer reaffirmed a buy rating and issued a $70.00 price target (up previously from $65.00) on shares of Ormat Technologies in a report on Wednesday, September 27th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $68.43.
Shares of Ormat Technologies (NYSE ORA) traded up $0.28 during midday trading on Wednesday, hitting $65.05. 171,572 shares of the company’s stock traded hands, compared to its average volume of 163,668. Ormat Technologies has a 12 month low of $51.44 and a 12 month high of $66.46. The stock has a market capitalization of $3,291.33, a P/E ratio of 27.92, a PEG ratio of 1.94 and a beta of 1.23. The company has a quick ratio of 1.62, a current ratio of 1.72 and a debt-to-equity ratio of 0.65.
Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.06). Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $159.02 million. During the same period last year, the company earned $0.56 EPS. The firm’s revenue for the quarter was down 14.8% on a year-over-year basis. equities research analysts expect that Ormat Technologies will post 2.21 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP lifted its stake in shares of Ormat Technologies by 29.0% during the third quarter. GSA Capital Partners LLP now owns 24,762 shares of the energy company’s stock valued at $1,512,000 after buying an additional 5,571 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Ormat Technologies by 1.3% during the third quarter. Neuberger Berman Group LLC now owns 580,576 shares of the energy company’s stock valued at $35,444,000 after buying an additional 7,576 shares during the period. California Public Employees Retirement System lifted its stake in shares of Ormat Technologies by 12.7% during the third quarter. California Public Employees Retirement System now owns 74,862 shares of the energy company’s stock valued at $4,570,000 after buying an additional 8,462 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of Ormat Technologies by 8.8% during the third quarter. Schwab Charles Investment Management Inc. now owns 180,535 shares of the energy company’s stock valued at $11,022,000 after buying an additional 14,571 shares during the period. Finally, Impax Asset Management LTD lifted its stake in shares of Ormat Technologies by 21.4% during the third quarter. Impax Asset Management LTD now owns 605,795 shares of the energy company’s stock valued at $36,984,000 after buying an additional 106,654 shares during the period. 46.34% of the stock is currently owned by institutional investors and hedge funds.
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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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