Ormat Technologies (NYSE:ORA) Stock Gets Price Target Trim from Piper Sandler

Key Points

• Piper Sandler cut its price target on Ormat Technologies from $142 to $120 but maintained an “overweight” rating; the new target implies 27.5% upside from the prior close.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $124.15, despite target reductions from several firms.
• Ormat beat quarterly estimates, reporting EPS of $0.56 versus $0.33 expected and revenue of $275.12 million, up 10.2% year over year.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price decreased by analysts at Piper Sandler from $142.00 to $120.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the energy company's stock. Piper Sandler's price objective indicates a potential upside of 27.50% from the stock's previous close.

Several other equities research analysts have also recently commented on ORA. Barclays cut their target price on Ormat Technologies from $122.00 to $113.00 and set an "overweight" rating on the stock in a research note on Friday. Wall Street Zen raised shares of Ormat Technologies from a "strong sell" rating to a "sell" rating in a research note on Sunday, October 11th. Oppenheimer lowered their price objective on shares of Ormat Technologies from $145.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday. Morgan Stanley assumed coverage on shares of Ormat Technologies in a research report on Thursday, October 29th. They issued an "overweight" rating and a $123.00 price objective on the stock. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $124.15.

Ormat Technologies Stock Up 2.4%

ORA stock traded up $2.22 during trading hours on Monday, reaching $94.12. 112,227 shares of the stock were exchanged, compared to its average volume of 869,820. The firm's 50-day moving average is $93.71 and its 200-day moving average is $110.93. The company has a market cap of $5.79 billion, a price-to-earnings ratio of 43.74, a PEG ratio of 3.31 and a beta of 0.89. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.88. Ormat Technologies has a 12 month low of $85.77 and a 12 month high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.23. The company had revenue of $275.12 million for the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. On average, equities research analysts expect that Ormat Technologies will post 2.78 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Main Street Group LTD bought a new stake in Ormat Technologies in the first quarter worth $29,000. Quantbot Technologies LP purchased a new stake in Ormat Technologies during the second quarter valued at about $33,000. Allworth Financial LP bought a new position in shares of Ormat Technologies during the second quarter valued at about $40,000. Root Financial Partners LLC bought a new position in shares of Ormat Technologies during the third quarter valued at about $42,000. Finally, Balance Wealth Partners LLC bought a new position in shares of Ormat Technologies during the third quarter valued at about $44,000. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company's activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.

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