$169.72 Million in Sales Expected for Ormat Technologies, Inc. (ORA) This Quarter
Wall Street analysts expect Ormat Technologies, Inc. (NYSE:ORA) to post $169.72 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Ormat Technologies’ earnings, with the highest sales estimate coming in at $175.10 million and the lowest estimate coming in at $163.97 million. Ormat Technologies posted sales of $159.86 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 6.2%. The company is scheduled to report its next earnings report before the market opens on Thursday, August 3rd.
On average, analysts expect that Ormat Technologies will report full year sales of $169.72 million for the current year, with estimates ranging from $690.10 million to $694.53 million. For the next year, analysts forecast that the firm will post sales of $734.53 million per share, with estimates ranging from $727.20 million to $743.00 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Ormat Technologies.
Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Monday, May 8th. The energy company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.05. Ormat Technologies had a return on equity of 10.05% and a net margin of 14.26%. The business had revenue of $189.90 million during the quarter, compared to the consensus estimate of $177.42 million. During the same period in the previous year, the business earned $0.59 EPS. The business’s quarterly revenue was up 25.3% on a year-over-year basis.
A number of equities research analysts recently weighed in on ORA shares. Zacks Investment Research cut Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Cowen and Company reaffirmed an “outperform” rating and set 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 raised Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $54.00 to $59.00 in a report on Friday, May 26th. Finally, BidaskClub upgraded Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $65.25.
Shares of Ormat Technologies (ORA) traded up 1.74% during midday trading on Wednesday, hitting $56.79. The stock had a trading volume of 65,742 shares. Ormat Technologies has a 12-month low of $43.41 and a 12-month high of $61.49. The firm has a 50-day moving average of $59.10 and a 200 day moving average of $56.57. The firm has a market cap of $2.82 billion, a PE ratio of 28.65 and a beta of 1.19.
In related news, SVP Etty Rosner sold 879 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $56.39, for a total value of $49,566.81. Following the completion of the sale, the senior vice president now directly owns 879 shares in the company, valued at $49,566.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Eugene Joyal sold 7,500 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $57.00, for a total value of $427,500.00. Following the completion of the sale, the director now owns 7,500 shares of the company’s stock, valued at $427,500. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 56,854 shares of company stock valued at $3,300,521. Company insiders own 22.97% of the company’s stock.
A number of hedge funds have recently modified their holdings of ORA. Creative Planning boosted its position in Ormat Technologies by 43.9% in the first quarter. Creative Planning now owns 1,874 shares of the energy company’s stock worth $107,000 after buying an additional 572 shares during the period. US Bancorp DE boosted 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 during the last quarter. SG Americas Securities LLC boosted 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 during the last quarter. Quantbot Technologies LP boosted its position in shares of Ormat Technologies by 89.3% in the first quarter. Quantbot Technologies LP now owns 2,334 shares of the energy company’s stock valued at $133,000 after buying an additional 1,101 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of Ormat Technologies during the fourth quarter valued at $128,000. 45.78% of the stock is currently owned by institutional investors and hedge funds.
About Ormat Technologies
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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