Ormat Technologies (NYSE:ORA) Stock Rating Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Ormat Technologies to “strong sell” from “sell,” though broader analyst sentiment remains “Moderate Buy,” with a consensus price target of $130.75.
• Ormat’s shares opened at $92.86, well below the consensus target and their 52-week high of $146.39; the stock was reported to be trading up 3.6%.
• The company exceeded quarterly expectations, reporting $0.50 EPS versus $0.26 expected and revenue of $258.76 million, up 10.6% year over year. Institutional investors own approximately 95.49% of the stock.

Ormat Technologies (NYSE:ORA - Get Free Report) was downgraded by analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday, Wall Street Zen reports.

Several other analysts have also issued reports on ORA. Royal Bank Of Canada reiterated an "outperform" rating and issued a $130.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Barclays reduced their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. Sanford C. Bernstein upgraded 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, Oppenheimer lifted their price objective on Ormat Technologies from $141.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, September 9th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $130.75.

Ormat Technologies Trading Up 3.6%

Shares of ORA stock opened at $92.86 on Friday. Ormat Technologies has a 1-year low of $87.06 and a 1-year high of $146.39. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 45.75, a PEG ratio of 3.45 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. The stock has a 50 day simple moving average of $101.43 and a 200-day simple moving average of $113.00.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to analysts' expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.48 EPS. On average, equities research analysts expect that Ormat Technologies will post 2.6 EPS for the current fiscal year.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently modified their holdings of ORA. Versant Capital Management Inc boosted its position in shares of Ormat Technologies by 73.4% during the 3rd quarter. Versant Capital Management Inc now owns 579 shares of the energy company's stock valued at $53,000 after acquiring an additional 245 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Ormat Technologies in the second quarter valued at about $697,000. Integrated Wealth Concepts LLC acquired a new stake in Ormat Technologies during the second quarter worth about $134,000. Arizona State Retirement System raised its stake in Ormat Technologies by 5.9% during the second quarter. Arizona State Retirement System now owns 16,790 shares of the energy company's stock worth $1,828,000 after purchasing an additional 930 shares during the period. Finally, Agur Provident & Training Funds Management Ltd. purchased a new position in Ormat Technologies during the second quarter worth about $9,683,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.