Ormat Technologies, Inc. (ORA) Upgraded at Zacks Investment Research

Ormat Technologies, Inc. (NYSE:ORA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, August 8th. The brokerage currently has a $65.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 16.68% from the company’s previous close.

According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “

A number of other research analysts also recently issued reports on ORA. Cowen and Company reiterated an “outperform” rating and issued a $67.00 price target on shares of Ormat Technologies in a report on Wednesday, April 12th. Oppenheimer Holdings, Inc. set a $65.00 price target on Ormat Technologies and gave the company a “buy” rating in a report on Thursday, May 4th. Barclays PLC upgraded Ormat Technologies from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $54.00 to $59.00 in a report on Friday, May 26th. J P Morgan Chase & Co upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $65.00 to $71.00 in a research note on Wednesday, June 7th. Finally, BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $65.38.

Ormat Technologies (ORA) traded up 0.18% on Tuesday, hitting $55.71. The stock had a trading volume of 223,933 shares. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of 25.42 and a beta of 1.20. The company has a 50-day moving average price of $57.77 and a 200-day moving average price of $57.77. Ormat Technologies has a 1-year low of $45.30 and a 1-year high of $61.49.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The business had revenue of $179.36 million for the quarter, compared to the consensus estimate of $169.80 million. During the same period last year, the business posted $0.49 EPS. The business’s revenue was up 12.2% compared to the same quarter last year. Equities analysts predict that Ormat Technologies will post $2.28 earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: “Ormat Technologies, Inc. (ORA) Upgraded at Zacks Investment Research” was first reported by BNB Daily and is the sole property of of BNB Daily. If you are accessing this news story on another site, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The original version of this news story can be viewed at https://www.baseball-news-blog.com/2017/08/19/ormat-technologies-inc-ora-upgraded-to-buy-at-zacks-investment-research-updated.html.

In other news, EVP Bob Sullivan sold 7,151 shares of the business’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $58.13, for a total value of $415,687.63. Following the completion of the transaction, the executive vice president now owns 7,151 shares of the company’s stock, valued at approximately $415,687.63. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Isaac Angel sold 150,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total value of $8,550,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 11,067,154 shares of company stock valued at $630,894,268. Insiders own 22.97% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ORA. Capital One National Association boosted its position in Ormat Technologies by 1.0% in the first quarter. Capital One National Association now owns 11,777 shares of the energy company’s stock worth $672,000 after buying an additional 117 shares during the last quarter. Wells Fargo & Company MN boosted its position in Ormat Technologies by 6.3% in the first quarter. Wells Fargo & Company MN now owns 49,488 shares of the energy company’s stock worth $2,825,000 after buying an additional 2,918 shares during the last quarter. Reynders McVeigh Capital Management LLC boosted its position in Ormat Technologies by 25.7% in the first quarter. Reynders McVeigh Capital Management LLC now owns 5,645 shares of the energy company’s stock worth $322,000 after buying an additional 1,155 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its position in Ormat Technologies by 378.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 29,617 shares of the energy company’s stock worth $1,690,000 after buying an additional 23,427 shares during the last quarter. Finally, IFP Advisors Inc acquired a new position in Ormat Technologies during the first quarter worth $154,000. 45.33% of the stock is owned by institutional investors.

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.

Get a free copy of the Zacks research report on Ormat Technologies (ORA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

Receive News & Ratings for Ormat Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ormat Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply