Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, TD Cowen Analyst Says

Ormat Technologies (NYSE:ORA) had its price target increased by equities researchers at TD Cowen from $100.00 to $115.00 in a note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a “hold” rating on the energy company’s stock. TD Cowen’s price objective indicates a potential upside of 1.42% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Roth Capital reiterated a “buy” rating and issued a $125.00 price objective on shares of Ormat Technologies in a research note on Wednesday, November 5th. UBS Group increased their price objective on Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Wednesday, October 8th. Piper Sandler raised Ormat Technologies from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $90.00 to $102.00 in a research note on Wednesday, September 17th. Finally, Oppenheimer restated an “outperform” rating and issued a $125.00 price objective on shares of Ormat Technologies in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Ormat Technologies has an average rating of “Moderate Buy” and a consensus target price of $117.67.

Ormat Technologies Price Performance

NYSE:ORA opened at $113.39 on Thursday. The business’s 50-day moving average price is $109.40 and its 200 day moving average price is $95.22. The firm has a market cap of $6.89 billion, a P/E ratio of 52.01, a PEG ratio of 5.20 and a beta of 0.74. The company has a quick ratio of 0.70, a current ratio of 0.77 and a debt-to-equity ratio of 0.79. Ormat Technologies has a 52-week low of $61.58 and a 52-week high of $116.66.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Monday, November 3rd. The energy company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The company had revenue of $249.73 million during the quarter, compared to the consensus estimate of $235.03 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Insider Activity

In other Ormat Technologies news, Director Ravit Barniv sold 1,753 shares of Ormat Technologies stock in a transaction on Friday, November 7th. The stock was sold at an average price of $112.54, for a total value of $197,282.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica Woelfel sold 721 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $115.00, for a total value of $82,915.00. Following the sale, the insider owned 3,433 shares in the company, valued at $394,795. The trade was a 17.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 72,418 shares of company stock worth $7,580,300. 0.56% of the stock is currently owned by insiders.

Institutional Trading of Ormat Technologies

Several hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new stake in shares of Ormat Technologies during the second quarter worth $358,000. Voya Investment Management LLC boosted its holdings in Ormat Technologies by 19.2% during the first quarter. Voya Investment Management LLC now owns 96,604 shares of the energy company’s stock worth $6,837,000 after buying an additional 15,532 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Ormat Technologies by 100.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company’s stock worth $2,513,000 after buying an additional 15,000 shares during the period. Nuveen LLC bought a new stake in shares of Ormat Technologies in the 1st quarter valued at about $14,453,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Ormat Technologies by 54.6% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 33,845 shares of the energy company’s stock valued at $2,835,000 after acquiring an additional 11,952 shares during the period. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.