Ormat Technologies' (ORA) "Outperform" Rating Reaffirmed at Royal Bank Of Canada

Key Points

• Royal Bank of Canada reaffirmed its “outperform” rating on Ormat Technologies and maintained a $130 price target, implying approximately 23% upside from the stock’s $105.57 opening price.
• Analyst sentiment remains favorable overall, with eight Buy ratings and six Holds, resulting in a “Moderate Buy” consensus and an average price target of $130.08.
• Ormat’s latest quarterly results exceeded expectations: adjusted earnings were $0.50 per share versus a $0.26 estimate, while revenue rose 10.6% year over year to $258.76 million. Institutional investors own 95.49% of the company’s shares.

Ormat Technologies (NYSE:ORA - Get Free Report)'s stock had its "outperform" rating reissued by investment analysts at Royal Bank Of Canada in a report released on Wednesday, Benzinga reports. They currently have a $130.00 price objective on the energy company's stock. Royal Bank Of Canada's target price points to a potential upside of 23.14% from the stock's current price.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group restated a "hold" rating and set a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday. Barclays decreased their price objective 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. Wolfe Research initiated coverage on shares of Ormat Technologies in a research note on Monday, June 8th. They issued a "peer perform" rating for the company. Wall Street Zen downgraded shares of Ormat Technologies from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Sanford C. Bernstein upgraded shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price target on the stock in a research note on Friday, September 4th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $130.08.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $105.57 on Wednesday. The business's fifty day simple moving average is $106.36 and its 200-day simple moving average is $115.12. The company has a market cap of $6.49 billion, a PE ratio of 52.18, a PEG ratio of 4.26 and a beta of 0.90. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87. Ormat Technologies has a 12-month low of $90.31 and a 12-month high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued 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. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm had revenue of $258.76 million during the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the prior year, the business posted $0.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Ormat Technologies will post 2.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds have recently added to or reduced their stakes in the business. WINTON GROUP Ltd acquired a new stake in Ormat Technologies during the 2nd quarter worth about $697,000. Integrated Wealth Concepts LLC acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at about $134,000. Arizona State Retirement System boosted its stake in shares of Ormat Technologies by 5.9% in the second quarter. Arizona State Retirement System now owns 16,790 shares of the energy company's stock worth $1,828,000 after buying an additional 930 shares during the last quarter. Agur Provident & Training Funds Management Ltd. purchased a new stake in shares of Ormat Technologies in the second quarter worth about $9,683,000. Finally, Corient Private Wealth LP grew its holdings in Ormat Technologies by 5.7% during the second quarter. Corient Private Wealth LP now owns 3,063 shares of the energy company's stock worth $334,000 after acquiring an additional 164 shares during the period. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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