Ormat Technologies (NYSE:ORA) Stock Breaks Above Fifty Day Moving Average on Analyst Downgrade

Key Points

• Ormat Technologies shares rose above their 50-day moving average of $93.54, reaching $95.13; JPMorgan raised its price target from $98 to $99 and maintained a neutral rating.
• The company reported quarterly earnings of $0.56 per share, beating estimates of $0.33, while revenue rose 10.2% year over year to $275.12 million.
• Analysts overall rate the stock a Moderate Buy, with a consensus price target of $124.15. Ormat also declared a quarterly dividend of $0.12 per share.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report)'s stock price passed above its 50 day moving average during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $98.00 to $99.00. The stock has a 50 day moving average of $93.54 and traded as high as $95.13. JPMorgan Chase & Co. currently has a neutral rating on the stock. Ormat Technologies shares last traded at $94.5330, with a volume of 705,474 shares trading hands.

Several other equities analysts have also weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research report on Thursday, October 15th. TD Cowen upgraded shares of Ormat Technologies to a "strong-buy" rating in a report on Monday, October 5th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $130.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. Jefferies Financial Group reiterated a "hold" rating and issued a $117.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Finally, Zacks Research downgraded shares of Ormat Technologies from a "hold" rating to a "strong sell" rating in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $124.15.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Main Street Group LTD bought a new position in shares of Ormat Technologies in the first quarter worth approximately $29,000. Quantbot Technologies LP purchased a new stake in Ormat Technologies in the second quarter valued at approximately $33,000. Allworth Financial LP bought a new stake in Ormat Technologies during the second quarter valued at approximately $40,000. Public Employees Retirement System of Ohio bought a new stake in Ormat Technologies during the second quarter valued at approximately $46,000. Finally, Root Financial Partners LLC bought a new stake in Ormat Technologies during the third quarter valued at approximately $42,000. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Trading Up 2.9%

The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The firm has a market cap of $5.81 billion, a PE ratio of 43.97, a PEG ratio of 3.50 and a beta of 0.89. The stock's 50 day simple moving average is $93.54 and its 200 day simple moving average is $110.79.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The energy company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.23. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.94%. The firm had revenue of $275.12 million for the quarter, compared to analysts' expectations of $248.36 million. During the same quarter last year, the company posted $0.41 EPS. The business's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Ormat Technologies, Inc. will post 2.78 earnings per share for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Investors of record on Wednesday, November 18th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, November 18th. Ormat Technologies's dividend payout ratio is currently 22.33%.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company's activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.