Ormat Technologies (NYSE:ORA) Rating Increased to Overweight at Piper Sandler

Key Points

• Piper Sandler upgraded Ormat Technologies' stock rating from "neutral" to "overweight," raising the target price from $90.00 to $102.00, indicating a potential upside of 12.05%.
• Other firms such as Barclays and TD Cowen have also adjusted their target prices and ratings, with Barclays lowering its target from $90.00 to $89.00 while maintaining an "overweight" rating.
• Ormat Technologies reported $0.48 EPS for the last quarter, exceeding expectations, with revenue of $234.02 million, up 9.9% year-over-year.

Ormat Technologies (NYSE:ORA - Get Free Report) was upgraded by equities research analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $102.00 target price on the energy company's stock, up from their previous target price of $90.00. Piper Sandler's target price points to a potential upside of 10.29% from the stock's current price.

Other research analysts have also recently issued reports about the company. Barclays lowered their price target on Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Roth Capital reissued a "buy" rating and issued a $98.00 price objective (up from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. Baird R W raised shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Robert W. Baird upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $94.50.

Ormat Technologies Stock Down 1.6%

Shares of NYSE:ORA traded down $1.52 during trading on Wednesday, reaching $92.48. 1,097,554 shares of the stock traded hands, compared to its average volume of 472,109. The stock has a 50-day moving average of $90.18 and a two-hundred day moving average of $80.37. Ormat Technologies has a 52-week low of $61.58 and a 52-week high of $95.36. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.64 and a current ratio of 0.70. The stock has a market cap of $5.62 billion, a P/E ratio of 43.01, a price-to-earnings-growth ratio of 4.30 and a beta of 0.69.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. Ormat Technologies had a net margin of 14.49% and a return on equity of 5.47%. The firm had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, sell-side analysts expect that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insider Activity at Ormat Technologies

In other news, CFO Assi Ginzburg sold 7,066 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $94.71, for a total transaction of $669,220.86. Following the completion of the sale, the chief financial officer owned 33,825 shares of the company's stock, valued at approximately $3,203,565.75. This trade represents a 17.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Byron G. Wong sold 535 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $91.39, for a total transaction of $48,893.65. Following the sale, the director directly owned 8,659 shares of the company's stock, valued at $791,346.01. The trade was a 5.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,828 shares of company stock valued at $921,183 over the last three months. Insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Curio Wealth LLC boosted its holdings in shares of Ormat Technologies by 29,200.0% during 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. EverSource Wealth Advisors LLC raised its position in Ormat Technologies by 251.0% in the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company's stock worth $44,000 after acquiring an additional 374 shares in the last quarter. UMB Bank n.a. raised its position in 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 in the last quarter. Signaturefd LLC raised its holdings in Ormat Technologies by 60.6% during the 1st quarter. Signaturefd LLC now owns 890 shares of the energy company's stock worth $63,000 after buying an additional 336 shares during the period. Finally, CWM LLC raised its holdings in Ormat Technologies by 294.2% during the 1st quarter. CWM LLC now owns 887 shares of the energy company's stock worth $63,000 after buying an additional 662 shares during the period. Institutional investors and hedge funds own 95.49% of the company's stock.

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.