Ormat Technologies, Inc. (NYSE:ORA) has been given a $67.00 price objective by Cowen and Company in a report released on Monday, July 17th. The firm currently has a “buy” rating on the energy company’s stock. Cowen and Company’s target price would suggest a potential upside of 19.37% from the company’s current price.
ORA has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a research note on Friday, May 12th. BidaskClub cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Oppenheimer Holdings, Inc. set a $65.00 price target on shares of Ormat Technologies and gave the company a “buy” rating in a research note on Thursday, May 4th. J P Morgan Chase & Co upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th. Finally, Barclays PLC upgraded shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $65.38.
Shares of Ormat Technologies (NYSE:ORA) traded down 0.80% during midday trading on Monday, reaching $56.13. 147,994 shares of the company traded hands. Ormat Technologies has a 12-month low of $45.30 and a 12-month high of $61.49. The company has a 50-day moving average of $58.24 and a 200 day moving average of $57.68. The firm has a market capitalization of $2.80 billion, a PE ratio of 25.61 and a beta of 1.20.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a net margin of 15.36% and a return on equity of 10.25%. The business had revenue of $179.36 million during the quarter, compared to the consensus estimate of $169.80 million. During the same period in the prior year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. On average, equities analysts forecast that Ormat Technologies will post $2.28 earnings per share for the current year.
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In related news, Director Robert Eugene Joyal sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $57.75, for a total transaction of $433,125.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $433,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Bob Sullivan sold 7,151 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $58.13, for a total transaction of $415,687.63. Following the sale, the executive vice president now owns 7,151 shares of the company’s stock, valued at $415,687.63. The disclosure for this sale can be found here. Insiders sold 11,075,533 shares of company stock valued at $631,371,335 over the last quarter. Company insiders own 22.97% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Creative Planning increased its position in shares of Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock valued at $107,000 after buying an additional 572 shares in the last quarter. US Bancorp DE increased its position in shares of Ormat Technologies by 33.6% in the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock valued at $124,000 after buying an additional 545 shares in the last quarter. Sei Investments Co. increased its position in shares of Ormat Technologies by 2.2% in the second quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock valued at $133,000 after buying an additional 49 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Ormat Technologies by 16.6% in the first quarter. SG Americas Securities LLC now owns 2,285 shares of the energy company’s stock valued at $130,000 after buying an additional 326 shares in the last quarter. Finally, Advisor Group Inc. increased its position in shares of Ormat Technologies by 153.2% in the second quarter. Advisor Group Inc. now owns 2,302 shares of the energy company’s stock valued at $135,000 after buying an additional 1,393 shares in the last quarter. 45.91% of the stock is currently owned by institutional investors and hedge funds.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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