Ormat Technologies (NYSE:ORA) Hits New 1-Year High – What’s Next?

Ormat Technologies, Inc. (NYSE:ORA) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $129.59 and last traded at $128.2020, with a volume of 51669 shares trading hands. The stock had previously closed at $125.77.

Analysts Set New Price Targets

ORA has been the subject of a number of recent analyst reports. Barclays cut their price objective on shares of Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Piper Sandler increased their price target on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. TD Cowen raised Ormat Technologies from a “hold” rating to a “buy” rating in a report on Friday, January 9th. Finally, Robert W. Baird set a $143.00 target price on Ormat Technologies in a research note on Wednesday, January 14th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and a consensus price target of $128.00.

Ormat Technologies Trading Up 2.5%

The company has a 50 day simple moving average of $115.68 and a 200 day simple moving average of $104.23. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The company has a market capitalization of $7.84 billion, a PE ratio of 59.28, a price-to-earnings-growth ratio of 4.95 and a beta of 0.77.

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

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of Ormat Technologies stock in a transaction on Monday, November 10th. The shares were sold at an average price of $115.00, for a total transaction of $82,915.00. Following the sale, the insider owned 3,433 shares of the company’s stock, valued at $394,795. The trade was a 17.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ravit Barniv sold 1,753 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total transaction of $197,282.62. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 40,860 shares of company stock worth $4,601,530. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ORA. Curio Wealth LLC increased its holdings in shares of Ormat Technologies by 29,200.0% in the second quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Wolff Wiese Magana LLC purchased a new stake in Ormat Technologies in the 4th quarter valued at $33,000. Ameriflex Group Inc. increased its stake in shares of Ormat Technologies by 1,100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock worth $35,000 after acquiring an additional 330 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after acquiring an additional 113 shares during the period. Finally, USA Financial Formulas acquired a new position in shares of Ormat Technologies during the 4th quarter valued at about $51,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.