Ormat Technologies (NYSE:ORA) Stock Rating Upgraded by TD Cowen

Ormat Technologies (NYSE:ORA) was upgraded by research analysts at TD Cowen from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $130.00 price target on the energy company’s stock. TD Cowen’s target price suggests a potential upside of 14.00% from the stock’s current price.

Several other equities research analysts have also commented on the stock. UBS Group boosted their price objective on shares of Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, November 7th. Jefferies Financial Group reissued a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a research report on Monday, November 24th. Roth Capital restated a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Wednesday, October 8th. Finally, Oppenheimer reissued an “outperform” rating and issued a $125.00 target price on shares of Ormat Technologies in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $121.89.

Ormat Technologies Trading Down 2.1%

NYSE ORA opened at $114.04 on Friday. The firm has a market capitalization of $6.93 billion, a PE ratio of 52.31, a P/E/G ratio of 4.66 and a beta of 0.71. The stock’s 50 day moving average is $111.73 and its 200 day moving average is $99.84. Ormat Technologies has a twelve month low of $61.58 and a twelve month high of $119.00. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 EPS 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 during the quarter, compared to analyst estimates of $235.03 million. During the same quarter last year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was up 17.9% on a year-over-year basis. Research analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Isaac Angel sold 18,018 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the sale, the director directly owned 29,650 shares of the company’s stock, valued at $3,333,253. This trade represents a 37.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Assi Ginzburg sold 20,000 shares of Ormat Technologies stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $112.72, for a total value of $2,254,400.00. Following the completion of the sale, the chief financial officer owned 4,482 shares of the company’s stock, valued at $505,211.04. The trade was a 81.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 40,860 shares of company stock valued at $4,601,530. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in Ormat Technologies by 324.1% in the 1st quarter. AQR Capital Management LLC now owns 24,918 shares of the energy company’s stock worth $1,740,000 after purchasing an additional 19,043 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ormat Technologies by 7.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,095 shares of the energy company’s stock worth $4,182,000 after acquiring an additional 4,037 shares during the period. United Services Automobile Association bought a new stake in shares of Ormat Technologies in the first quarter worth $243,000. Empowered Funds LLC increased its position in Ormat Technologies by 7.3% during the first quarter. Empowered Funds LLC now owns 4,201 shares of the energy company’s stock valued at $297,000 after acquiring an additional 286 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 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 acquiring an additional 43,483 shares during the period. Hedge funds and other institutional investors 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.