Ormat Technologies, Inc. (ORA) Rating Lowered to Hold at Zacks Investment Research
Ormat Technologies, Inc. (NYSE:ORA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
ORA has been the topic of a number of other reports. Cowen and Company set a $67.00 price target on Ormat Technologies and gave the company a “buy” rating in a research note on Friday, August 18th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $70.00 price target (up from $65.00) on shares of Ormat Technologies in a research note on Wednesday, September 27th. Finally, TheStreet lowered Ormat Technologies from a “b” rating to a “c+” rating in a research note on Monday, August 14th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.38.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.06). Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The business had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. During the same quarter in the prior year, the firm earned $0.56 EPS. The business’s revenue was down 14.8% on a year-over-year basis. equities research analysts forecast that Ormat Technologies will post 2.24 EPS for the current year.
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In related news, VP Shimon Hatzir sold 2,976 shares of Ormat Technologies stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $58.50, for a total value of $174,096.00. Following the transaction, the vice president now directly owns 2,976 shares of the company’s stock, valued at $174,096. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Erez Klein sold 24,576 shares of the business’s stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $59.03, for a total value of $1,450,721.28. Following the completion of the transaction, the vice president now directly owns 23,890 shares in the company, valued at $1,410,226.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,359 shares of company stock worth $5,013,332. 14.74% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Ormat Technologies by 4.4% in the second quarter. Vanguard Group Inc. now owns 3,366,355 shares of the energy company’s stock valued at $197,538,000 after buying an additional 142,724 shares during the period. BlackRock Inc. lifted its stake in Ormat Technologies by 6,068.3% in the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock valued at $141,210,000 after buying an additional 2,433,766 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Ormat Technologies in the fourth quarter valued at approximately $59,703,000. Dimensional Fund Advisors LP lifted its stake in Ormat Technologies by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,526,801 shares of the energy company’s stock valued at $89,594,000 after buying an additional 96,288 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Ormat Technologies by 17.8% in the second quarter. Renaissance Technologies LLC now owns 1,085,257 shares of the energy company’s stock valued at $63,683,000 after buying an additional 164,100 shares during the period. 45.96% of the stock is currently owned by hedge funds and other institutional investors.
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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