Ormat Technologies (NYSE:ORA) Upgraded at Robert W. Baird

Key Points

• Robert W. Baird has upgraded Ormat Technologies from a "neutral" rating to an "outperform" rating, with a price target of $103.00, indicating a potential upside of 16.88% from its current price.
• Other analysts have also revised their ratings for Ormat Technologies, with an average consensus rating of "Moderate Buy" and a price target of $91.25.
• The company recently reported $0.68 earnings per share, exceeding the consensus estimate, along with a revenue increase of 2.5% year-over-year.

Ormat Technologies (NYSE:ORA - Get Free Report) was upgraded by analysts at Robert W. Baird from a "neutral" rating to an "outperform" rating in a research report issued on Wednesday, MarketBeat.com reports. The firm presently has a $103.00 price target on the energy company's stock, up from their previous price target of $87.00. Robert W. Baird's target price would indicate a potential upside of 16.11% from the company's previous close.

A number of other brokerages have also recently commented on ORA. UBS Group raised their price target on Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Wall Street Zen upgraded Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. JPMorgan Chase & Co. raised their price target on Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Barclays raised their price target on Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $91.25.

Ormat Technologies Stock Down 0.8%

Shares of NYSE:ORA traded down $0.70 during midday trading on Wednesday, hitting $88.71. The stock had a trading volume of 442,446 shares, compared to its average volume of 470,810. Ormat Technologies has a 12 month low of $61.58 and a 12 month high of $91.81. The company has a quick ratio of 0.90, a current ratio of 0.97 and a debt-to-equity ratio of 0.77. The business's 50-day simple moving average is $83.53 and its 200-day simple moving average is $74.35. The company has a market cap of $5.38 billion, a P/E ratio of 43.06, a PEG ratio of 4.28 and a beta of 0.68.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The business had revenue of $229.76 million during the quarter, compared to the consensus estimate of $228.33 million. During the same quarter last year, the firm posted $0.64 EPS. The company's quarterly revenue was up 2.5% on a year-over-year basis. On average, sell-side analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ormat Technologies news, Director Stanley Stern sold 547 shares of Ormat Technologies stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the completion of the transaction, the director owned 6,137 shares of the company's stock, valued at $524,958.98. The trade was a 8.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Byron G. Wong sold 460 shares of Ormat Technologies stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $84.04, for a total value of $38,658.40. Following the transaction, the director directly owned 8,659 shares of the company's stock, valued at $727,702.36. The trade was a 5.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,329 shares of company stock worth $423,443 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new position in Ormat Technologies during the 1st quarter valued at about $593,000. Vanguard Group Inc. increased its stake in Ormat Technologies by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company's stock worth $409,305,000 after acquiring an additional 274,540 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in Ormat Technologies by 273,109.4% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 956,233 shares of the energy company's stock worth $67,673,000 after acquiring an additional 955,883 shares during the last quarter. Franklin Resources Inc. bought a new position in Ormat Technologies in the 4th quarter worth about $526,000. Finally, GAMMA Investing LLC increased its stake in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock worth $2,820,000 after acquiring an additional 38,975 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

About Ormat Technologies

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.