Ormat Technologies (NYSE:ORA) Stock Bumped Up to Hold by Zacks Research

Zacks Research upgraded shares of Ormat Technologies (NYSE:ORA) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks reports.

ORA has been the subject of several other reports. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $112.00 target price on shares of Ormat Technologies in a research report on Friday, November 6th. Wall Street Zen upgraded shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 11th. Piper Sandler decreased their price target on shares of Ormat Technologies from $142.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday. Morgan Stanley initiated coverage on shares of Ormat Technologies in a report on Thursday, October 29th. They issued an “overweight” rating and a $123.00 price objective for the company. Finally, Jefferies Financial Group restated a “hold” rating and issued a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $124.15.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock opened at $92.36 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. The company has a market cap of $5.68 billion, a PE ratio of 42.96, a P/E/G ratio of 3.41 and a beta of 0.89. The business has a 50 day moving average of $93.34 and a 200 day moving average of $110.64. Ormat Technologies has a 52 week low of $85.77 and a 52 week high of $146.39.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.23. The company had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 earnings per share. As a group, equities research analysts forecast that Ormat Technologies will post 2.78 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is 22.33%.

Institutional Trading of Ormat Technologies

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Ormat Technologies in the 2nd quarter worth about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new stake in Ormat Technologies during the second quarter worth about $259,568,000. Canada Pension Plan Investment Board bought a new stake in Ormat Technologies during the second quarter worth about $173,638,000. Phoenix Financial Ltd. grew its holdings in Ormat Technologies by 191.3% in the third quarter. Phoenix Financial Ltd. now owns 1,614,749 shares of the energy company’s stock worth $147,733,000 after purchasing an additional 1,060,468 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares during the period. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity. The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.