Ormat Technologies, Inc. (NYSE:ORA) has been assigned a $67.00 price objective by stock analysts at Cowen and Company in a research note issued on Monday, July 17th. The firm currently has a “buy” rating on the energy company’s stock. Cowen and Company’s price target would suggest a potential upside of 19.37% from the stock’s previous close.
Several other research firms also recently weighed in on ORA. BidaskClub raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Zacks Investment Research downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, May 4th. J P Morgan Chase & Co raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $65.00 to $71.00 in a research report on Wednesday, June 7th. Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $54.00 to $59.00 in a research report on Friday, May 26th. Finally, Oppenheimer Holdings, Inc. set a $65.00 price objective on shares of Ormat Technologies and gave the company a “buy” rating in a report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Ormat Technologies presently has a consensus rating of “Buy” and a consensus price target of $65.38.
Ormat Technologies (NYSE:ORA) opened at 56.13 on Monday. The company has a market cap of $2.80 billion, a P/E ratio of 25.61 and a beta of 1.20. The company’s 50-day moving average is $58.24 and its 200-day moving average is $57.68. Ormat Technologies has a 12 month low of $45.30 and a 12 month high of $61.49.
Ormat Technologies (NYSE:ORA) last released its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The company had revenue of $179.36 million for the quarter, compared to the consensus estimate of $169.80 million. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. Ormat Technologies’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.49 EPS. On average, equities research analysts expect that Ormat Technologies will post $2.28 EPS for the current fiscal year.
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In other news, major shareholder Iv 2007 Ltd. Fimi sold 7,202,646 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $410,550,822.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Eugene Joyal sold 7,500 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $57.00, for a total transaction of $427,500.00. Following the completion of the transaction, the director now owns 7,500 shares of the company’s stock, valued at $427,500. The disclosure for this sale can be found here. Insiders sold a total of 11,075,533 shares of company stock worth $631,371,335 over the last ninety days. Insiders own 22.97% of the company’s stock.
Several institutional investors have recently bought and sold shares of ORA. Creative Planning boosted its position in 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 in the last quarter. US Bancorp DE boosted 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 valued at $124,000 after buying an additional 545 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Ormat Technologies during the fourth quarter valued at about $128,000. SG Americas Securities LLC boosted 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 valued at $130,000 after buying an additional 326 shares in the last quarter. Finally, Quantbot Technologies LP boosted 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 valued at $133,000 after buying an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 45.91% of the company’s stock.
About Ormat Technologies
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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