Ormat Technologies (NYSE:ORA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $72.00 price target on the energy company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.16% from the company’s current price.
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 have also recently issued research reports about the stock. TheStreet raised shares of Ormat Technologies from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Oppenheimer reissued a “buy” rating and set a $70.00 target price (up previously from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Finally, Roth Capital set a $70.00 price objective on shares of Ormat Technologies and gave the company a “buy” rating in a research note on Monday, November 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $68.43.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, November 7th. The energy company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.06). The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $159.02 million. Ormat Technologies had a return on equity of 9.41% and a net margin of 16.99%. The firm’s revenue for the quarter was down 14.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 EPS. equities research analysts expect that Ormat Technologies will post 2.21 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in ORA. Sei Investments Co. grew its stake in Ormat Technologies by 2.2% during the 2nd quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock valued at $133,000 after acquiring an additional 49 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in Ormat Technologies by 5.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 165,964 shares of the energy company’s stock valued at $9,739,000 after acquiring an additional 8,910 shares in the last quarter. SG Americas Securities LLC grew its stake in Ormat Technologies by 189.0% during the 2nd quarter. SG Americas Securities LLC now owns 6,603 shares of the energy company’s stock valued at $387,000 after acquiring an additional 4,318 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Ormat Technologies by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 279,582 shares of the energy company’s stock valued at $16,405,000 after acquiring an additional 1,483 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Ormat Technologies by 11.4% during the 2nd quarter. Legal & General Group Plc now owns 14,373 shares of the energy company’s stock valued at $845,000 after acquiring an additional 1,468 shares in the last quarter. 46.34% of the stock is owned by institutional investors.
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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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