Ormat Technologies (NYSE:ORA) Posts Quarterly Earnings Results, Beats Estimates By $0.24 EPS

Key Points

• Ormat Technologies beat quarterly earnings expectations, reporting $0.50 in EPS versus the $0.26 consensus estimate. Revenue increased 10.6% year over year, while net margin was 10.97%.
• Despite the strong results, the stock fell 2.0% to $98.06 during Wednesday trading. Shares remain well below their 52-week high of $146.39.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $131.75; however, company insiders have sold about $4.1 million worth of shares over the past 90 days.

Ormat Technologies (NYSE:ORA - Get Free Report) announced its quarterly earnings results on Wednesday. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24, FiscalAI reports. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.During the same period last year, the firm posted $0.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year.

Ormat Technologies Stock Down 2.0%

NYSE:ORA traded down $2.02 during trading hours on Wednesday, hitting $98.06. The company's stock had a trading volume of 1,098,927 shares, compared to its average volume of 825,786. The stock has a market capitalization of $6.03 billion, a P/E ratio of 47.60, a price-to-earnings-growth ratio of 4.27 and a beta of 0.90. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.87. The stock has a fifty day moving average of $117.64 and a 200-day moving average of $117.64. Ormat Technologies has a 52-week low of $84.13 and a 52-week high of $146.39.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a "peer perform" rating on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Ormat Technologies in a research report on Friday, July 17th. Roth Capital reiterated a "buy" rating and issued a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Oppenheimer reiterated an "outperform" rating and set a $144.00 price target on shares of Ormat Technologies in a research note on Friday, May 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. 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 company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $131.75.

Insider Buying and Selling at Ormat Technologies

In related news, Director David Granot sold 1,766 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the transaction, the director directly owned 1,766 shares of the company's stock, valued at $237,403.38. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Byron G. Wong sold 4,500 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the sale, the director owned 5,925 shares of the company's stock, valued at $795,846. This represents a 43.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 30,585 shares of company stock worth $4,090,998. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its position in shares of Ormat Technologies by 9.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company's stock worth $127,000 after acquiring an additional 99 shares during the last quarter. Mackenzie Financial Corp grew its position in Ormat Technologies by 4.7% during the 3rd quarter. Mackenzie Financial Corp now owns 3,862 shares of the energy company's stock worth $372,000 after purchasing an additional 175 shares during the last quarter. HM Payson & Co. raised its holdings in shares of Ormat Technologies by 100.0% in the fourth quarter. HM Payson & Co. now owns 400 shares of the energy company's stock valued at $44,000 after buying an additional 200 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Ormat Technologies by 0.3% during the second quarter. California State Teachers Retirement System now owns 57,511 shares of the energy company's stock worth $4,817,000 after buying an additional 200 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company's stock valued at $33,000 after acquiring an additional 211 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company's stock.

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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