Ormat Technologies, Inc. (ORA) Given a $67.00 Price Target by Cowen and Company Analysts
Ormat Technologies, Inc. (NYSE:ORA) received a $67.00 target price from Cowen and Company in a report issued on Friday. The brokerage currently has a “buy” rating on the energy company’s stock. Cowen and Company’s price objective suggests a potential upside of 20.27% from the stock’s current price.
Several other research analysts also recently commented on the stock. TheStreet downgraded shares of Ormat Technologies from a “b” rating to a “c+” rating in a report on Monday, August 14th. J P Morgan Chase & Co raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $65.00 to $71.00 in a report on Wednesday, June 7th. Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $54.00 to $59.00 in a report on Friday, May 26th. Oppenheimer Holdings, Inc. set a $65.00 price objective on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, BidaskClub downgraded shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Thursday, July 6th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $65.38.
Shares of Ormat Technologies (ORA) traded up 0.18% during midday trading on Friday, reaching $55.71. 223,933 shares of the company’s stock traded hands. The firm has a market cap of $2.78 billion, a PE ratio of 25.42 and a beta of 1.20. The stock has a 50-day moving average price of $57.77 and a 200 day moving average price of $57.77. Ormat Technologies has a 12 month low of $45.30 and a 12 month high of $61.49.
Ormat Technologies (NYSE:ORA) last released its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, beating 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 firm 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 earned $0.49 EPS. The company’s revenue was up 12.2% compared to the same quarter last year. Equities research analysts predict that Ormat Technologies will post $2.28 earnings per share for the current year.
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In other Ormat Technologies news, VP Nir Wolf sold 3,010 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $59.10, for a total value of $177,891.00. Following the sale, the vice president now directly owns 3,010 shares in the company, valued at approximately $177,891. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gillon Beck sold 37,500 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $57.00, for a total transaction of $2,137,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,067,154 shares of company stock valued at $630,894,268. 22.97% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of ORA. Russell Investments Group Ltd. purchased a new stake in Ormat Technologies during the fourth quarter valued at about $128,000. Teachers Advisors LLC boosted its stake in Ormat Technologies by 250.2% in the fourth quarter. Teachers Advisors LLC now owns 222,435 shares of the energy company’s stock valued at $11,927,000 after buying an additional 158,913 shares in the last quarter. Creative Planning boosted its stake in 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. Navellier & Associates Inc boosted its stake in Ormat Technologies by 2.3% in the first quarter. Navellier & Associates Inc now owns 8,090 shares of the energy company’s stock valued at $462,000 after buying an additional 180 shares in the last quarter. Finally, Personal Capital Advisors Corp boosted its stake in Ormat Technologies by 8.4% in the first quarter. Personal Capital Advisors Corp now owns 113,110 shares of the energy company’s stock valued at $6,457,000 after buying an additional 8,727 shares in the last quarter. Institutional investors and hedge funds own 45.33% of the company’s stock.
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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