Ormat Technologies (NYSE:ORA) Stock Rating Reaffirmed as Market Perform by Sanford C. Bernstein

Key Points

• Sanford C. Bernstein reaffirmed its Market Perform rating on Ormat Technologies and maintained a $112 price target, implying 20.2% upside from the stock’s current price.
• Analyst views are mixed, though the consensus is Moderate Buy, with an average price target of $127.62; one analyst rates it Strong Buy, eight Buy, six Hold, and one Sell.
• Ormat beat quarterly earnings and revenue estimates, reporting $0.56 EPS versus $0.33 expected and $275.12 million in revenue, up 10.2% year over year.

Ormat Technologies (NYSE:ORA - Get Free Report)'s stock had its "market perform" rating reaffirmed by investment analysts at Sanford C. Bernstein in a note issued to investors on Friday, Benzinga reports. They currently have a $112.00 price objective on the energy company's stock. Sanford C. Bernstein's price objective suggests a potential upside of 20.20% from the stock's current price.

Several other brokerages have also issued reports on ORA. Zacks Research lowered shares of Ormat Technologies from a "hold" rating to a "strong sell" rating in a research note on Friday, October 9th. Oppenheimer raised 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 reaffirmed an "outperform" rating and issued a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. TD Cowen upgraded shares of Ormat Technologies to a "strong-buy" rating in a report on Monday, October 5th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Ormat Technologies presently has an average rating of "Moderate Buy" and an average target price of $127.62.

Ormat Technologies Price Performance

Shares of ORA opened at $93.18 on Friday. The firm has a market cap of $5.73 billion, a PE ratio of 43.34, a price-to-earnings-growth ratio of 3.50 and a beta of 0.89. Ormat Technologies has a 52-week low of $85.77 and a 52-week high of $146.39. The business's 50 day moving average price is $93.97 and its two-hundred day moving average price is $111.06. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.33 by $0.23. The company had revenue of $275.12 million during the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.94%. The company's quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, equities analysts anticipate that Ormat Technologies will post 2.69 EPS for the current year.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Ormat Technologies in the second quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies in the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board bought a new position in shares of Ormat Technologies in the second quarter valued at approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock valued at $128,469,000 after buying an additional 282,583 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Ormat Technologies during the second quarter valued at approximately $77,650,000. 95.49% of the stock is 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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