Royal Bank Of Canada Initiates Coverage on Ormat Technologies (NYSE:ORA)

Research analysts at Royal Bank Of Canada assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a report released on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $130.00 price target on the energy company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 20.60% from the stock’s current price.

Several other research firms also recently weighed in on ORA. Piper Sandler lifted their price target 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. Roth Mkm set a $139.00 price target on Ormat Technologies in a report on Wednesday, January 28th. TD Cowen decreased their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 27th. UBS Group restated a “buy” rating and issued a $148.00 target price on shares of Ormat Technologies in a report on Wednesday, February 4th. Finally, Barclays increased their price objective on shares of Ormat Technologies from $108.00 to $123.00 and gave the company an “overweight” rating in a research note on Monday. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $129.09.

Ormat Technologies Trading Up 1.6%

Shares of ORA stock opened at $107.79 on Tuesday. Ormat Technologies has a fifty-two week low of $64.39 and a fifty-two week high of $132.58. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. The stock has a 50 day simple moving average of $118.10 and a two-hundred day simple moving average of $108.60. The company has a market cap of $6.56 billion, a P/E ratio of 53.63, a PEG ratio of 4.38 and a beta of 0.84.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, February 25th. The energy company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. The company had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. During the same quarter last year, the firm posted $0.67 EPS. The company’s quarterly revenue was up 19.6% on a year-over-year basis. Research analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current year.

Insider Activity at Ormat Technologies

In related news, insider Jessica Woelfel sold 2,359 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total transaction of $248,072.44. Following the completion of the sale, the insider directly owned 3,433 shares in the company, valued at $361,014.28. This represents a 40.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ORA. RWC Asset Management LLP lifted its holdings in shares of Ormat Technologies by 8.8% during the third quarter. RWC Asset Management LLP now owns 136,101 shares of the energy company’s stock valued at $13,100,000 after purchasing an additional 11,063 shares in the last quarter. Retirement Systems of Alabama lifted its holdings in Ormat Technologies by 169.7% during the third quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company’s stock valued at $18,286,000 after purchasing an additional 119,552 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Ormat Technologies in the third quarter valued at about $3,738,000. AEGON ASSET MANAGEMENT UK Plc bought a new position in Ormat Technologies in the 3rd quarter worth approximately $14,005,000. Finally, AGF Management Ltd. purchased a new position in Ormat Technologies during the third quarter valued at $9,527,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

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.