TD Cowen Issues Positive Forecast for Ormat Technologies (NYSE:ORA) Stock Price

Key Points

• TD Cowen has raised the price target for Ormat Technologies from $76.00 to $85.00, suggesting a potential downside of 2.61% from the current stock price.
• Several other research firms have issued positive ratings for Ormat, with Baird R W upgrading it to a "strong-buy" and a consensus price target across analysts estimated at $91.30.
• Ormat Technologies reported a quarterly EPS of $0.46, surpassing estimates, with revenues up by 9.9% year-over-year.

Ormat Technologies (NYSE:ORA - Free Report) had its price objective upped by TD Cowen from $76.00 to $85.00 in a report issued on Friday, MarketBeat.com reports. They currently have a hold rating on the energy company's stock.

Other research analysts have also recently issued research reports about the company. UBS Group lifted their target price on Ormat Technologies from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Thursday, July 24th. Barclays lifted their price objective on Ormat Technologies from $86.00 to $90.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Baird R W raised Ormat Technologies from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Roth Capital reaffirmed a "buy" rating and set a $98.00 target price (up from $88.00) on shares of Ormat Technologies in a research report on Tuesday, August 5th. Finally, Robert W. Baird raised 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 research report on Wednesday, July 30th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Ormat Technologies has an average rating of "Moderate Buy" and a consensus target price of $92.10.

Ormat Technologies Price Performance

ORA stock traded down $0.66 during midday trading on Friday, reaching $86.67. The company had a trading volume of 405,373 shares, compared to its average volume of 502,212. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of 40.31, a price-to-earnings-growth ratio of 4.19 and a beta of 0.68. The stock has a 50 day moving average price of $84.89 and a 200-day moving average price of $74.99. Ormat Technologies has a 1-year low of $61.58 and a 1-year high of $91.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.90.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%. 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 previous year, the business posted $0.37 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts expect that Ormat Technologies will post 1.94 earnings per share for the current year.

Ormat Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 3rd. Investors of record on Wednesday, August 20th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, August 20th. This represents a $0.48 annualized dividend and a yield of 0.6%. Ormat Technologies's dividend payout ratio is 22.33%.

Insider Buying and Selling at Ormat Technologies

In related news, Director Byron G. Wong sold 460 shares of the business's 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 approximately $727,702.36. The trade was a 5.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dafna Sharir sold 1,601 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.63, for a total transaction of $137,093.63. Following the sale, the director owned 3,238 shares of the company's stock, valued at $277,269.94. This trade represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,329 shares of company stock valued at $423,443 in the last three months. Insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ORA. Raymond James Financial Inc. purchased a new stake in shares of Ormat Technologies during the 4th quarter valued at approximately $204,000. Franklin Resources Inc. bought a new position in shares of Ormat Technologies in the 4th quarter worth $526,000. Geode Capital Management LLC increased its holdings in shares of Ormat Technologies by 5.5% in the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company's stock worth $93,029,000 after buying an additional 72,135 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Ormat Technologies by 3.1% in the 4th quarter. Invesco Ltd. now owns 225,851 shares of the energy company's stock worth $15,295,000 after buying an additional 6,702 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Ormat Technologies by 2.0% in the 4th quarter. Legal & General Group Plc now owns 478,768 shares of the energy company's stock worth $32,422,000 after buying an additional 9,198 shares during the last quarter. 95.49% of the stock is owned by institutional investors.

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.