Ormat Technologies (NYSE:ORA) Given New $141.00 Price Target at Oppenheimer

Key Points

• Oppenheimer lowered its price target for Ormat Technologies from $144 to $141 while maintaining an “outperform” rating, implying roughly 31% upside from the $107.69 share price.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $131.50, though ratings range from “buy” to “sell.”
• Ormat reported stronger-than-expected quarterly results, posting $0.50 in EPS versus the $0.26 estimate and $258.76 million in revenue, up 10.6% year over year.

Ormat Technologies (NYSE:ORA - Get Free Report) had its price target lowered by stock analysts at Oppenheimer from $144.00 to $141.00 in a report issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the energy company's stock. Oppenheimer's price target indicates a potential upside of 30.93% from the company's current price.

Several other equities analysts have also recently commented on the stock. Sanford C. Bernstein initiated coverage on shares of Ormat Technologies in a research report on Tuesday, June 16th. They set an "underperform" rating and a $115.00 price target on the stock. Piper Sandler boosted their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Barclays increased their target price on Ormat Technologies from $126.00 to $127.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Wolfe Research began coverage on Ormat Technologies in a report on Monday, June 8th. They issued a "peer perform" rating for the company. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ormat Technologies in a research report on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ormat Technologies currently has a consensus rating of "Moderate Buy" and an average target price of $131.50.

Ormat Technologies Stock Up 0.3%

Shares of NYSE:ORA traded up $0.31 during midday trading on Friday, reaching $107.69. The company had a trading volume of 57,342 shares, compared to its average volume of 867,666. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The stock's fifty day moving average price is $117.03 and its 200-day moving average price is $117.56. The stock has a market capitalization of $6.62 billion, a P/E ratio of 52.90, a PEG ratio of 4.18 and a beta of 0.90. Ormat Technologies has a one year low of $86.08 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.24. The firm had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.65%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. Equities research analysts expect that Ormat Technologies will post 2.35 earnings per share for the current fiscal year.

Insider Activity

In other Ormat Technologies news, Director Stanley Stern sold 250 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $138.42, for a total value of $34,605.00. Following the completion of the sale, the director directly owned 5,800 shares in the company, valued at $802,836. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Assi Ginzburg sold 17,776 shares of the firm's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the transaction, the chief financial officer directly owned 1,970 shares of the company's stock, valued at $265,457.50. This represents a 90.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,585 shares of company stock valued at $4,090,998 over the last 90 days. Corporate insiders own 0.50% of the company's stock.

Institutional Trading of Ormat Technologies

Large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ormat Technologies in the second quarter worth $783,000. Flputnam Investment Management Co. acquired a new stake in Ormat Technologies during the 2nd quarter worth about $959,000. Global Retirement Partners LLC purchased a new position in Ormat Technologies during the 2nd quarter valued at about $601,000. State of Wyoming purchased a new position in Ormat Technologies during the 2nd quarter valued at about $75,000. Finally, Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in shares of Ormat Technologies in the 2nd quarter valued at about $19,783,000. 95.49% of the stock is owned by institutional investors and hedge funds.

About Ormat Technologies

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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