Ormat Technologies (NYSE:ORA) Stock Picked Up by Analysts at Morgan Stanley

Key Points

• Morgan Stanley initiated coverage of Ormat Technologies with an “overweight” rating and a $123 price target, implying approximately 34% upside from the reported $91.83 share price.
• Analyst sentiment is broadly positive: Ormat has a consensus “Moderate Buy” rating and an average price target of $127.62, although recommendations range from “Strong Buy” to “Sell.”
• Ormat reported quarterly EPS of $0.50, beating estimates of $0.26, while revenue rose 10.6% year over year to $258.76 million. Institutional investors and hedge funds own approximately 95.49% of the company’s stock.

Stock analysts at Morgan Stanley began coverage on shares of Ormat Technologies (NYSE:ORA - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $123.00 price target on the energy company's stock. Morgan Stanley's price target indicates a potential upside of 33.94% from the company's current price.

ORA has been the topic of a number of other research reports. 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. JPMorgan Chase & Co. cut their price objective on shares of Ormat Technologies from $131.00 to $98.00 and set a "neutral" rating for the company in a research report on Monday, October 19th. Sanford C. Bernstein raised Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price target for the company in a report on Friday, September 4th. TD Cowen upgraded Ormat Technologies to a "strong-buy" rating in a research note on Monday, October 5th. Finally, Oppenheimer upped their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $127.62.

Ormat Technologies Stock Performance

Ormat Technologies stock traded up $0.17 during mid-day trading on Thursday, hitting $91.83. 38,700 shares of the company's stock traded hands, compared to its average volume of 867,390. The firm has a 50 day simple moving average of $95.70 and a two-hundred day simple moving average of $111.82. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 3.30 and a beta of 0.90. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm 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 company's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 earnings per share. On average, research analysts expect that Ormat Technologies will post 2.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Main Street Group LTD bought a new stake in shares of Ormat Technologies during the 1st quarter worth approximately $29,000. Quantbot Technologies LP bought a new position in Ormat Technologies in the second quarter valued at approximately $33,000. Allworth Financial LP acquired a new position in Ormat Technologies during the second quarter valued at approximately $40,000. Root Financial Partners LLC acquired a new position in Ormat Technologies during the third quarter valued at approximately $42,000. Finally, Balance Wealth Partners LLC acquired a new position in Ormat Technologies during the third quarter valued at approximately $44,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.

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