Ormat Technologies (NYSE:ORA) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Ormat Technologies from “strong sell” to “hold.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $124.15.
• Ormat reported quarterly EPS of $0.56, beating the $0.33 consensus estimate, while revenue of $275.12 million also exceeded expectations and rose 10.2% year over year.
• Shares opened at $92.36 and have traded between $85.77 and $146.39 over the past 12 months; institutional investors and hedge funds own 95.49% of the stock.

Ormat Technologies (NYSE:ORA - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

Several other equities analysts have also issued reports on ORA. Sanford C. Bernstein reiterated a "market perform" rating and issued a $112.00 price objective on shares of Ormat Technologies in a research report on Friday, November 6th. Royal Bank Of Canada restated an "outperform" rating and set a $130.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a research note on Thursday, October 15th. Barclays reduced their price objective on Ormat Technologies from $122.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, November 6th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Ormat Technologies presently has an average rating of "Moderate Buy" and an average target price of $124.15.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $92.36 on Monday. The stock's fifty day simple moving average is $93.34 and its 200 day simple moving average is $110.64. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $5.68 billion, a PE ratio of 42.96, a PEG ratio of 3.41 and a beta of 0.89. 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 posted its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.23. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The firm had revenue of $275.12 million during the quarter, compared to analysts' expectations of $248.36 million. During the same period in the previous year, the firm earned $0.41 earnings per share. The company's revenue was up 10.2% on a year-over-year basis. On average, research analysts predict that Ormat Technologies will post 2.78 EPS for the current year.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently added to or reduced their stakes in ORA. Jupiter Topco LLC acquired a new stake in Ormat Technologies during the 2nd quarter worth about $2,979,000. Deutsche Bank AG bought a new position in shares of Ormat Technologies in the 2nd quarter worth $42,015,000. Readystate Asset Management LP acquired a new stake in Ormat Technologies in the 2nd quarter valued at $3,165,000. Trillium Asset Management LLC acquired a new stake in Ormat Technologies in the 2nd quarter valued at $16,106,000. Finally, BlackRock Inc. bought a new stake in Ormat Technologies during the 2nd quarter valued at $896,374,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.

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