Ormat Technologies (NYSE:ORA) Upgraded at TD Cowen

TD Cowen upgraded shares of Ormat Technologies (NYSE:ORA) from a hold rating to a buy rating in a report released on Friday morning, Marketbeat.com reports. They currently have $130.00 price objective on the energy company’s stock, up from their previous price objective of $115.00.

A number of other equities research analysts have also issued reports on the company. Barclays raised their price target on Ormat Technologies from $89.00 to $118.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Oppenheimer reiterated an “outperform” rating and issued a $125.00 target price on shares of Ormat Technologies in a research note on Wednesday, November 5th. Piper Sandler boosted their target price on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. JPMorgan Chase & Co. upped their price target on shares of Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a report on Wednesday, November 5th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $125.00 price target on shares of Ormat Technologies in a research note on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.89.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $115.44 on Friday. Ormat Technologies has a 12-month low of $61.58 and a 12-month high of $119.00. The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $111.91 and a 200-day moving average price of $100.24. The firm has a market capitalization of $7.02 billion, a PE ratio of 52.96, a price-to-earnings-growth ratio of 4.62 and a beta of 0.71.

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

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.48 dividend on an annualized basis and a yield of 0.4%. Ormat Technologies’s dividend payout ratio is 22.02%.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 721 shares of the firm’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $115.00, for a total transaction of $82,915.00. Following the transaction, the insider owned 3,433 shares of the company’s stock, valued at approximately $394,795. This trade represents a 17.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Isaac Angel sold 18,018 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $112.42, for a total transaction of $2,025,583.56. Following the completion of the sale, the director directly owned 29,650 shares of the company’s stock, valued at $3,333,253. The trade was a 37.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 40,860 shares of company stock valued at $4,601,530 in the last 90 days. Insiders own 0.56% of the company’s stock.

Institutional Trading of Ormat Technologies

Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Ormat Technologies in the 2nd quarter valued at $56,458,000. Groupama Asset Managment purchased a new stake in shares of Ormat Technologies during the 2nd quarter worth $41,880,000. Canada Pension Plan Investment Board boosted its position in Ormat Technologies by 62.6% during the second quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock valued at $89,928,000 after purchasing an additional 413,384 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in Ormat Technologies in the second quarter valued at about $18,310,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in Ormat Technologies in the third quarter valued at about $14,005,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.