Ormat Technologies (NYSE:ORA) Stock Bumped Up to Sell by Wall Street Zen

Key Points

• Wall Street Zen upgraded Ormat Technologies from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $130.75.
• Ormat shares opened at $88.80, near their 12-month low of $87.06 and well below the 12-month high of $146.39.
• The company exceeded quarterly expectations, reporting $0.50 in EPS versus a $0.26 consensus estimate and $258.76 million in revenue, up 10.6% year over year.

Ormat Technologies (NYSE:ORA - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other analysts have also weighed in on ORA. JPMorgan Chase & Co. raised their target price on shares of Ormat Technologies from $122.00 to $131.00 and gave the company a "neutral" rating in a research report on Wednesday, September 9th. Oppenheimer upped their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, September 9th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. Sanford C. Bernstein raised Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price objective on the stock in a report on Friday, September 4th. Finally, Jefferies Financial Group restated a "hold" rating and set a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $130.75.

Ormat Technologies Stock Up 0.2%

Shares of NYSE ORA opened at $88.80 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. The company has a market cap of $5.46 billion, a price-to-earnings ratio of 43.75, a PEG ratio of 3.38 and a beta of 0.90. Ormat Technologies has a 12 month low of $87.06 and a 12 month high of $146.39. The stock has a 50-day moving average price of $100.68 and a two-hundred day moving average price of $112.36.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.24. The company had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $0.48 EPS. As a group, analysts forecast that Ormat Technologies will post 2.63 earnings per share for the current fiscal year.

Institutional Trading of Ormat Technologies

Institutional investors have recently modified their holdings of the business. Main Street Group LTD bought a new position in Ormat Technologies during the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ormat Technologies in the 4th quarter valued at about $31,000. Quantbot Technologies LP bought a new stake in shares of Ormat Technologies in the 2nd quarter valued at about $33,000. Allworth Financial LP bought a new stake in shares of Ormat Technologies in the 2nd quarter valued at about $40,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Ormat Technologies in the second quarter valued at about $46,000. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company's primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat's portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.

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