Ormat Technologies (NYSE:ORA) Earns “Outperform” Rating from Royal Bank Of Canada

Ormat Technologies (NYSE:ORA)‘s stock had its “outperform” rating reaffirmed by stock analysts at Royal Bank Of Canada in a report released on Wednesday, Benzinga reports. They presently have a $130.00 price objective on the energy company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 23.14% from the company’s current price.

A number of other research firms have also recently weighed in on ORA. Wall Street Zen cut shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Wolfe Research assumed coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating on the stock. Oppenheimer restated an “outperform” rating and set a $145.00 target price on shares of Ormat Technologies in a research report on Wednesday. Barclays cut their price target on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research note on Monday, August 10th. Finally, Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target for the company in a report on Friday, September 4th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $130.08.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $105.57 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 52.18, a PEG ratio of 4.26 and a beta of 0.90. The firm’s 50 day simple moving average is $106.36 and its 200-day simple moving average is $115.12. Ormat Technologies has a 12 month low of $90.31 and a 12 month high of $146.39.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. During the same period in the previous year, the business posted $0.48 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Analysts expect that Ormat Technologies will post 2.47 EPS for the current year.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Ormat Technologies by 324.1% in the first quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock valued at $1,740,000 after buying an additional 19,043 shares during the last quarter. United Services Automobile Association purchased a new position in Ormat Technologies in the 1st quarter worth approximately $243,000. Empowered Funds LLC boosted its holdings in shares of Ormat Technologies by 7.3% during the 1st quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock worth $297,000 after purchasing an additional 286 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Ormat Technologies by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 234,467 shares of the energy company’s stock valued at $16,593,000 after purchasing an additional 43,483 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Ormat Technologies by 10.5% in the first quarter. Intech Investment Management LLC now owns 24,592 shares of the energy company’s stock valued at $1,740,000 after purchasing an additional 2,329 shares in the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

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.