Ormat Technologies, Inc. (NYSE:ORA) has been given a $67.00 price objective by research analysts at Cowen and Company in a research report issued on Monday. The firm presently has a “buy” rating on the energy company’s stock. Cowen and Company’s price objective suggests a potential upside of 15.48% from the stock’s previous close.
Several other equities analysts also recently weighed in on ORA. Zacks Investment Research downgraded Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, May 4th. Oppenheimer Holdings, Inc. set a $65.00 target price on Ormat Technologies and gave the company a “buy” rating in a research report on Thursday, May 4th. Barclays PLC raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $54.00 to $59.00 in a research report on Friday, May 26th. J P Morgan Chase & Co raised Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $65.00 to $71.00 in a research report on Wednesday, June 7th. Finally, BidaskClub raised Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ormat Technologies has an average rating of “Buy” and a consensus price target of $65.25.
Shares of Ormat Technologies (NYSE ORA) traded up 0.43% on Monday, hitting $58.02. 134,380 shares of the stock traded hands. The firm has a 50 day moving average price of $59.10 and a 200 day moving average price of $56.57. Ormat Technologies has a 52-week low of $44.41 and a 52-week high of $61.49. The firm has a market cap of $2.88 billion, a PE ratio of 29.27 and a beta of 1.19.
Ormat Technologies (NYSE:ORA) last released its earnings results on Monday, May 8th. The energy company reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The firm had revenue of $189.90 million for the quarter, compared to the consensus estimate of $177.42 million. Ormat Technologies had a return on equity of 10.05% and a net margin of 14.26%. The company’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.59 EPS. On average, equities analysts forecast that Ormat Technologies will post $2.30 EPS for the current year.
In other Ormat Technologies news, Director Robert Eugene Joyal sold 7,500 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $57.00, for a total value of $427,500.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $427,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Etty Rosner sold 879 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $56.39, for a total value of $49,566.81. Following the completion of the transaction, the senior vice president now directly owns 879 shares in the company, valued at approximately $49,566.81. The disclosure for this sale can be found here. Insiders sold a total of 56,854 shares of company stock worth $3,300,521 in the last ninety days. 22.97% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Creative Planning increased its position in shares of Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares during the period. US Bancorp DE increased its position in Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock worth $124,000 after buying an additional 545 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Ormat Technologies during the fourth quarter worth about $128,000. SG Americas Securities LLC increased its position in Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock worth $130,000 after buying an additional 326 shares during the last quarter. Finally, Quantbot Technologies LP increased its position in Ormat Technologies by 89.3% in the first quarter. Quantbot Technologies LP now owns 2,334 shares of the energy company’s stock worth $133,000 after buying an additional 1,101 shares during the last quarter. 45.81% of the stock is currently owned by institutional investors.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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