Ormat Technologies (NYSE:ORA) Given "Buy" Rating at Roth Capital

Key Points

• Ormat Technologies' stock received a "buy" rating reaffirmed by Roth Capital, with a new price target of $98.00, indicating a potential upside of 14.33% from current levels.
• Multiple analysts have upgraded Ormat Technologies in recent months, with a consensus rating of "Moderate Buy" and an average price target of $92.00.
• The company's quarterly earnings exceeded expectations, reporting $0.68 EPS against a forecast of $0.58, alongside a year-over-year revenue increase of 2.5%.

Ormat Technologies (NYSE:ORA - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Roth Capital in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $98.00 price objective on the energy company's stock, up from their prior price objective of $88.00. Roth Capital's price target would suggest a potential upside of 14.33% from the company's current price.

Several other equities analysts have also commented on ORA. JPMorgan Chase & Co. upped their target price on Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research note on Monday, April 7th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their target price for the company from $87.00 to $103.00 in a research note on Wednesday, July 30th. Baird R W upgraded Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Finally, Barclays boosted their price target on Ormat Technologies from $86.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $92.00.

Ormat Technologies Stock Performance

Shares of ORA stock traded down $2.66 during midday trading on Tuesday, hitting $85.72. The company had a trading volume of 370,644 shares, compared to its average volume of 505,089. The company's 50 day simple moving average is $83.87 and its 200 day simple moving average is $74.49. Ormat Technologies has a 52-week low of $61.58 and a 52-week high of $91.81. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 41.60, a PEG ratio of 4.28 and a beta of 0.68. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.90.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.10. The firm had revenue of $229.76 million during the quarter, compared to analysts' expectations of $228.33 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. Ormat Technologies's revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 earnings per share. Research analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Byron G. Wong sold 460 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $84.04, for a total transaction of $38,658.40. Following the completion of the transaction, the director directly owned 8,659 shares of the company's stock, valued at approximately $727,702.36. This represents a 5.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dafna Sharir sold 1,601 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the transaction, the director directly owned 3,238 shares of the company's stock, valued at $277,269.94. This trade represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,329 shares of company stock valued at $423,443 over the last three months. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in Ormat Technologies by 6.3% during the 2nd quarter. Bank of Montreal Can now owns 294,144 shares of the energy company's stock valued at $24,638,000 after purchasing an additional 17,544 shares in the last quarter. Atria Investments Inc bought a new position in Ormat Technologies during the 2nd quarter valued at $334,000. Retirement Systems of Alabama boosted its stake in Ormat Technologies by 0.7% during the 2nd quarter. Retirement Systems of Alabama now owns 70,436 shares of the energy company's stock valued at $5,900,000 after purchasing an additional 489 shares in the last quarter. Mizuho Markets Americas LLC boosted its stake in Ormat Technologies by 2.5% during the 2nd quarter. Mizuho Markets Americas LLC now owns 162,602 shares of the energy company's stock valued at $13,620,000 after purchasing an additional 4,000 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Ormat Technologies by 54.6% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company's stock valued at $2,835,000 after purchasing an additional 11,952 shares in the last quarter. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.

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