TD Cowen Upgrades Ormat Technologies (NYSE:ORA) to Strong-Buy

Key Points

• TD Cowen upgraded Ormat Technologies to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $130.75.
• Ormat’s latest quarterly results exceeded expectations: earnings per share came in at $0.50 versus $0.26 expected, while revenue rose 10.6% year over year to $258.76 million.
• Institutional investors hold 95.49% of the company’s stock, with BlackRock and several other major institutions establishing significant positions during the second quarter.

Ormat Technologies (NYSE:ORA - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other equities analysts have also weighed in on ORA. Jefferies Financial Group reaffirmed a "hold" rating and set a $117.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $130.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. Oppenheimer upped their target price 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. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They set a "peer perform" rating for the company. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $130.75.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock opened at $91.39 on Monday. Ormat Technologies has a one year low of $87.06 and a one year high of $146.39. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 45.02, a PEG ratio of 3.57 and a beta of 0.90. The business has a 50-day simple moving average of $101.21 and a 200 day simple moving average of $112.90. 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 posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same period in the prior year, the business earned $0.48 EPS. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts anticipate that Ormat Technologies will post 2.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in ORA. BlackRock Inc. purchased a new position in shares of Ormat Technologies in the 2nd quarter worth about $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Ormat Technologies during the second quarter worth about $259,568,000. Canada Pension Plan Investment Board purchased a new stake in Ormat Technologies during the second quarter worth about $173,638,000. Legal & General Group Plc bought a new stake in Ormat Technologies in the second quarter worth about $77,650,000. Finally, Deutsche Bank AG bought a new stake in Ormat Technologies in the second quarter worth about $42,015,000. Hedge funds and other institutional investors own 95.49% of the company's stock.

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.

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