Ormat Technologies (NYSE:ORA) Releases Earnings Results

Ormat Technologies (NYSE:ORA) issued its earnings results on Wednesday. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24, FiscalAI reports. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share.

Ormat Technologies Trading Down 2.0%

Shares of ORA stock traded down $2.02 on Wednesday, hitting $98.06. The company had a trading volume of 1,098,927 shares, compared to its average volume of 825,786. Ormat Technologies has a twelve month low of $84.13 and a twelve month high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market cap of $6.03 billion, a P/E ratio of 47.60, a P/E/G ratio of 4.27 and a beta of 0.90. The stock’s 50-day moving average is $117.64 and its two-hundred day moving average is $117.64.

Insider Buying and Selling

In related news, Director Michal Marom sold 3,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $130.97, for a total value of $403,387.60. Following the sale, the director directly owned 1,766 shares in the company, valued at $231,293.02. This represents a 63.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the sale, the director directly owned 5,925 shares in the company, valued at approximately $795,846. This represents a 43.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,585 shares of company stock valued at $4,090,998 over the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently added to or reduced their stakes in ORA. Aster Capital Management DIFC Ltd acquired a new position in shares of Ormat Technologies during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC grew its holdings in Ormat Technologies by 245.3% in 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. Los Angeles Capital Management LLC bought a new stake in Ormat Technologies in the fourth quarter valued at $32,000. HM Payson & Co. increased its stake in Ormat Technologies by 100.0% in the fourth quarter. HM Payson & Co. now owns 400 shares of the energy company’s stock valued at $44,000 after purchasing an additional 200 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Ormat Technologies by 25,400.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 510 shares of the energy company’s stock valued at $56,000 after purchasing an additional 508 shares in the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Barclays increased their price target on Ormat Technologies from $126.00 to $127.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research report on Friday, July 17th. Wolfe Research began coverage on Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating on the stock. Oppenheimer restated an “outperform” rating and set a $144.00 price target on shares of Ormat Technologies in a report on Friday, May 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $131.75.

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.