Barclays Issues Pessimistic Forecast for Ormat Technologies (NYSE:ORA) Stock Price

Key Points

• Barclays has reduced its price target for Ormat Technologies from $90.00 to $89.00, while maintaining an "overweight" rating, indicating a potential upside of 1.90% from the current stock price.
• Other analysts have varied ratings, with Robert W. Baird upgrading Ormat to "outperform" with a target of $103.00, while a consensus price target stands at $91.20 across multiple analysts.
• Ormat Technologies reported a quarterly earnings per share of $0.46, surpassing the consensus estimate of $0.37, with a revenue increase of 9.9% year-over-year, amounting to $234.02 million.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price cut by Barclays from $90.00 to $89.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the energy company's stock. Barclays's price target points to a potential upside of 2.69% from the company's current price.

A number of other brokerages have also weighed in on ORA. JPMorgan Chase & Co. lifted their price target on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Baird R W raised shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Robert W. Baird raised shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $87.00 to $103.00 in a research note on Wednesday, July 30th. TD Cowen lifted their price target on shares of Ormat Technologies from $76.00 to $85.00 and gave the company a "hold" rating in a research note on Friday. Finally, UBS Group lifted their price target on shares of Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.10.

Ormat Technologies Price Performance

ORA traded down $0.66 during midday trading on Friday, hitting $86.67. The company had a trading volume of 405,373 shares, compared to its average volume of 502,212. Ormat Technologies has a twelve month low of $61.58 and a twelve month high of $91.81. The firm's 50-day simple moving average is $84.89 and its 200-day simple moving average is $74.99. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.90 and a current ratio of 0.70. The company has a market capitalization of $5.25 billion, a PE ratio of 40.31, a P/E/G ratio of 4.19 and a beta of 0.68.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.37 by $0.09. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The company had revenue of $234.02 million during the quarter, compared to analysts' expectations of $225.26 million. During the same quarter in the previous year, the company earned $0.37 EPS. Ormat Technologies's revenue was up 9.9% on a year-over-year basis. Equities research analysts predict that Ormat Technologies will post 1.94 EPS for the current fiscal year.

Insider Buying and Selling at Ormat Technologies

In related news, Director Dafna Sharir sold 1,601 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.63, for a total transaction of $137,093.63. Following the transaction, the director directly owned 3,238 shares in the company, valued at approximately $277,269.94. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michal Marom sold 895 shares of the business's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $73.47, for a total transaction of $65,755.65. Following the transaction, the director owned 3,080 shares in the company, valued at approximately $226,287.60. The trade was a 22.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,329 shares of company stock valued at $423,443 in the last 90 days. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Curio Wealth LLC boosted its position in shares of Ormat Technologies by 29,200.0% in the second quarter. Curio Wealth LLC now owns 293 shares of the energy company's stock valued at $25,000 after acquiring an additional 292 shares during the period. Stuart Chaussee & Associates Inc. bought a new position in shares of Ormat Technologies in the fourth quarter worth about $34,000. UMB Bank n.a. lifted its holdings in shares of Ormat Technologies by 42.6% in the first quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after acquiring an additional 263 shares during the last quarter. Signaturefd LLC raised its holdings in Ormat Technologies by 60.6% in the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock valued at $63,000 after buying an additional 336 shares during the last quarter. Finally, CWM LLC raised its holdings in Ormat Technologies by 294.2% in the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock valued at $63,000 after buying an additional 662 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

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.