Ormat Technologies, Inc. (ORA) PT Set at $67.00 by Cowen and Company
Ormat Technologies, Inc. (NYSE:ORA) has been given a $67.00 price objective by research analysts at Cowen and Company in a research note issued to investors on Friday. The firm presently has a “buy” rating on the energy company’s stock. Cowen and Company’s price objective points to a potential upside of 20.27% from the company’s current price.
Several other brokerages have also recently commented on ORA. BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Zacks Investment Research lowered Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, May 4th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and upped their price target for the company from $65.00 to $71.00 in a research note on Wednesday, June 7th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $54.00 to $59.00 in a research note on Friday, May 26th. Finally, Oppenheimer Holdings, Inc. set a $65.00 price target on Ormat Technologies and gave the company a “buy” rating in a research note on Thursday, May 4th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Ormat Technologies currently has an average rating of “Buy” and an average target price of $65.38.
Shares of Ormat Technologies (NYSE ORA) opened at 55.71 on Friday. The company has a market capitalization of $2.78 billion, a PE ratio of 25.42 and a beta of 1.20. The company’s 50 day moving average is $57.77 and its 200-day moving average is $57.77. Ormat Technologies has a 52 week low of $45.30 and a 52 week high of $61.49.
Ormat Technologies (NYSE:ORA) last announced its earnings results on Thursday, August 3rd. The energy company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million for the quarter, compared to analysts’ expectations of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.49 earnings per share. On average, analysts expect that Ormat Technologies will post $2.28 EPS for the current fiscal year.
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In other news, Director David Granot sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $57.70, for a total transaction of $288,500.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $288,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bob Sullivan sold 7,151 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $58.13, for a total value of $415,687.63. Following the transaction, the executive vice president now directly owns 7,151 shares in the company, valued at approximately $415,687.63. The disclosure for this sale can be found here. Insiders have sold 11,067,154 shares of company stock worth $630,894,268 in the last ninety days. 22.97% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in ORA. Creative Planning raised its position in Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares during the last quarter. Royal Bank of Canada raised its position in Ormat Technologies by 1.7% in the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock valued at $117,000 after buying an additional 34 shares during the last quarter. US Bancorp DE raised its position in Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after buying an additional 545 shares during the last quarter. Russell Investments Group Ltd. bought a new position in Ormat Technologies during the fourth quarter valued at $128,000. Finally, SG Americas Securities LLC raised its position in Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after buying an additional 326 shares during the last quarter. 45.33% of the stock is currently owned by hedge funds and other institutional investors.
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. 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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