Ormat Technologies, Inc. (NYSE:ORA) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts give Ormat Technologies a “Moderate Buy” consensus: Eight of 14 brokerages recommend buying the stock, while six rate it a hold. The average 12-month price target is $130.75.
• Institutional ownership is substantial: Hedge funds including BlackRock, Deutsche Bank, and Trillium Asset Management recently added positions, with institutional investors owning 95.49% of the shares.
• Recent financial results exceeded expectations: Ormat reported quarterly earnings of $0.50 per share versus the $0.26 consensus estimate, while revenue rose 10.6% year over year to $258.76 million. The company also declared a quarterly dividend of $0.12 per share.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fourteen brokerages that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $130.75.

A number of analysts recently weighed in on ORA shares. Wall Street Zen cut shares of Ormat Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Jefferies Financial Group reiterated a "hold" rating and set a $117.00 price target on shares of Ormat Technologies in a research report on Wednesday. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a "peer perform" rating for the company. Sanford C. Bernstein upgraded shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 target price for the company in a research report on Friday, September 4th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday, September 9th.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new position in Ormat Technologies during the second quarter valued at approximately $2,979,000. Deutsche Bank AG bought a new stake in shares of Ormat Technologies during the 2nd quarter worth about $42,015,000. Legato Capital Management LLC bought a new stake in Ormat Technologies in the 4th quarter valued at $1,319,000. Trillium Asset Management LLC acquired a new stake in Ormat Technologies in the 2nd quarter worth about $16,106,000. Finally, BlackRock Inc. acquired a new position in Ormat Technologies in the second quarter valued at about $896,374,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Stock Performance

NYSE:ORA opened at $95.12 on Monday. The firm's 50-day moving average is $105.47 and its 200-day moving average is $114.70. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.84 and a beta of 0.90. 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 has a 52-week low of $90.77 and a 52-week high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million during 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 was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.48 earnings per share. Equities research analysts anticipate that Ormat Technologies will post 2.47 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Stockholders of record on Wednesday, August 19th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, August 19th. Ormat Technologies's dividend payout ratio is 23.65%.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat's geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.

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