Zacks Investment Research Downgrades Ormat Technologies Inc. (ORA) to Hold
Ormat Technologies Inc. (NYSE:ORA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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. “
Several other equities research analysts have also recently commented on ORA. Roth Capital started coverage on Ormat Technologies in a report on Thursday, July 28th. They issued a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Ormat Technologies in a research report on Wednesday, August 3rd. Finally, Oppenheimer Holdings Inc. started coverage on Ormat Technologies in a research report on Thursday, September 8th. They issued an “outperform” rating and a $54.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $46.80.
Ormat Technologies (NYSE:ORA) opened at 47.14 on Wednesday. The firm’s 50-day moving average price is $48.71 and its 200 day moving average price is $44.83. Ormat Technologies has a 12-month low of $32.25 and a 12-month high of $51.19. The stock has a market cap of $2.34 billion, a PE ratio of 15.67 and a beta of 1.19.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.42 by $0.07. Ormat Technologies had a return on equity of 9.18% and a net margin of 23.05%. The firm earned $159.90 million during the quarter, compared to analysts’ expectations of $152.88 million. During the same quarter last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. Analysts anticipate that Ormat Technologies will post $1.91 EPS for the current year.
In other news, Director David Granot sold 3,500 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.27, for a total transaction of $168,945.00. Following the completion of the sale, the director now directly owns 3,500 shares in the company, valued at approximately $168,945. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dan Falk sold 7,500 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $48.90, for a total value of $366,750.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at $366,750. The disclosure for this sale can be found here. 22.97% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in Ormat Technologies by 6.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,248,853 shares of the company’s stock worth $54,649,000 after buying an additional 74,834 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Ormat Technologies by 13.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,004,355 shares of the company’s stock worth $41,420,000 after buying an additional 116,906 shares during the last quarter. BlackRock Fund Advisors increased its stake in Ormat Technologies by 5.4% in the second quarter. BlackRock Fund Advisors now owns 942,795 shares of the company’s stock worth $41,257,000 after buying an additional 48,405 shares during the last quarter. State Street Corp increased its stake in Ormat Technologies by 3.5% in the first quarter. State Street Corp now owns 633,028 shares of the company’s stock worth $26,110,000 after buying an additional 21,294 shares during the last quarter. Finally, Impax Asset Management LTD increased its stake in Ormat Technologies by 7.9% in the second quarter. Impax Asset Management LTD now owns 610,831 shares of the company’s stock worth $26,729,000 after buying an additional 44,653 shares during the last quarter. Institutional investors and hedge funds own 41.27% of the company’s stock.
About Ormat Technologies
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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