Ormat Technologies (NYSE:ORA) Given Market Perform Rating at Sanford C. Bernstein

Ormat Technologies (NYSE:ORA)‘s stock had its “market perform” rating reaffirmed by equities researchers at Sanford C. Bernstein in a note issued to investors on Friday, Benzinga reports. They presently have a $112.00 price target on the energy company’s stock. Sanford C. Bernstein‘s price objective points to a potential upside of 20.20% from the stock’s previous close.

Several other equities analysts have also recently commented on ORA. Zacks Research cut shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. Morgan Stanley assumed coverage on Ormat Technologies in a report on Thursday, October 29th. They issued an “overweight” rating and a $123.00 target price for the company. JPMorgan Chase & Co. reduced their target price on Ormat Technologies from $131.00 to $98.00 and set a “neutral” rating for the company in a report on Monday, October 19th. Barclays decreased their price target on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a research report on Monday, August 10th. Finally, Wall Street Zen upgraded Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $127.62.

Ormat Technologies Stock Down 1.2%

ORA opened at $93.18 on Friday. 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 company’s 50-day moving average is $93.97 and its 200 day moving average is $111.06. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The firm has a market capitalization of $5.73 billion, a P/E ratio of 43.34, a PEG ratio of 3.50 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.23. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.94%. The business had revenue of $275.12 million for the quarter, compared to analysts’ expectations of $248.36 million. During the same period in the previous year, the company earned $0.41 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts expect that Ormat Technologies will post 2.69 earnings per share for the current fiscal year.

Institutional Trading of Ormat Technologies

Several hedge funds have recently added to or reduced their stakes in ORA. BlackRock Inc. purchased a new position in Ormat Technologies in the second quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board purchased a new stake in shares of Ormat Technologies during the 2nd quarter worth approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Ormat Technologies by 32.7% during the 1st 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 last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Ormat Technologies during the 2nd quarter worth approximately $77,650,000. Institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.