Analysts Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $128.00

Ormat Technologies, Inc. (NYSE:ORA) has earned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $128.00.

Several equities analysts have recently issued reports on the company. UBS Group upped their target price on Ormat Technologies from $105.00 to $135.00 and gave the company a “buy” rating in a report on Friday, November 7th. Jefferies Financial Group restated a “buy” rating and issued a $125.00 price objective on shares of Ormat Technologies in a research note on Monday, November 24th. Robert W. Baird set a $143.00 target price on Ormat Technologies in a research report on Wednesday, January 14th. Piper Sandler boosted their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Finally, Roth Mkm set a $139.00 price objective on shares of Ormat Technologies in a report on Wednesday, January 28th.

Ormat Technologies Price Performance

ORA opened at $129.65 on Friday. Ormat Technologies has a 1 year low of $61.93 and a 1 year high of $130.12. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70. The company has a market capitalization of $7.88 billion, a price-to-earnings ratio of 59.47, a P/E/G ratio of 4.98 and a beta of 0.77. The firm’s fifty day moving average price is $116.01 and its two-hundred day moving average price is $104.52.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a net margin of 14.12% and a return on equity of 5.35%. The company had revenue of $249.73 million for the quarter, compared to analyst estimates of $235.03 million. During the same period last year, the firm earned $0.36 earnings per share. The firm’s revenue was up 17.9% on a year-over-year basis. As a group, analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insider Activity at Ormat Technologies

In related news, Director Ravit Barniv sold 1,753 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.54, for a total value of $197,282.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Isaac Angel sold 18,018 shares of the stock in a transaction on Friday, November 7th. The shares were sold at an average price of $112.42, for a total value of $2,025,583.56. Following the transaction, the director directly owned 29,650 shares of the company’s stock, valued at approximately $3,333,253. This trade represents a 37.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 40,860 shares of company stock worth $4,601,530. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. increased its stake in shares of Ormat Technologies by 12.2% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,267 shares of the energy company’s stock worth $471,000 after purchasing an additional 464 shares in the last quarter. Ethic Inc. lifted its stake in shares of Ormat Technologies by 12.0% during the 4th quarter. Ethic Inc. now owns 9,308 shares of the energy company’s stock valued at $1,028,000 after buying an additional 998 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Ormat Technologies by 31.3% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,115 shares of the energy company’s stock worth $676,000 after buying an additional 1,459 shares during the period. Strs Ohio grew its stake in Ormat Technologies by 153.4% in the 4th quarter. Strs Ohio now owns 14,700 shares of the energy company’s stock valued at $1,624,000 after buying an additional 8,900 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Ormat Technologies by 51.7% during the 4th quarter. Jennison Associates LLC now owns 90,753 shares of the energy company’s stock valued at $10,025,000 after acquiring an additional 30,910 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

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.