Shares of Ormat Technologies Inc. (NYSE:ORA) have been given an average recommendation of “Hold” by the six analysts that are presently covering the company. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $45.33.
Several brokerages recently issued reports on ORA. Roth Capital began coverage on Ormat Technologies in a report on Thursday, July 28th. They set a “buy” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ormat Technologies in a report on Wednesday, August 3rd. Zacks Investment Research lowered Ormat Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 5th. Finally, Oppenheimer Holdings Inc. began coverage on Ormat Technologies in a report on Thursday, September 8th. They set an “outperform” rating and a $54.00 price objective for the company.
Shares of Ormat Technologies (NYSE:ORA) traded up 0.85% on Thursday, hitting $47.51. The company’s stock had a trading volume of 108,984 shares. The company has a 50 day moving average of $48.55 and a 200 day moving average of $45.01. Ormat Technologies has a 1-year low of $32.25 and a 1-year high of $51.19. The firm has a market cap of $2.36 billion, a PE ratio of 15.79 and a beta of 1.19.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 2nd. The company reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.07. The company earned $159.90 million during the quarter, compared to analyst estimates of $152.88 million. Ormat Technologies had a return on equity of 9.18% and a net margin of 23.05%. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 earnings per share. Equities analysts forecast that Ormat Technologies will post $1.91 EPS for the current year.
In other news, Director Robert F. Clarke sold 22,500 shares of the firm’s stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $47.74, for a total value of $1,074,150.00. Following the sale, the director now directly owns 7,500 shares of the company’s stock, valued at $358,050. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dan Falk sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $48.90, for a total value of $366,750.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $366,750. The disclosure for this sale can be found here. Company insiders own 22.97% of the company’s stock.
Large investors have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Ormat Technologies by 110.0% in the first quarter. BlackRock Inc. now owns 2,669 shares of the company’s stock valued at $110,000 after buying an additional 1,398 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Ormat Technologies by 77.2% in the second quarter. Victory Capital Management Inc. now owns 2,623 shares of the company’s stock valued at $115,000 after buying an additional 1,143 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Ormat Technologies during the second quarter valued at about $135,000. Baird Financial Group Inc. acquired a new stake in shares of Ormat Technologies during the second quarter valued at about $204,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Ormat Technologies during the second quarter valued at about $208,000. 41.27% of the stock is currently owned by institutional investors.
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. The Company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity segment and Product segment.
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