Ormat Technologies (NYSE:ORA) Releases Earnings Results, Beats Expectations By $0.23 EPS

Ormat Technologies (NYSE:ORA) posted its quarterly earnings data on Wednesday. The energy company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.23, FiscalAI reports. The company had revenue of $275.12 million for the quarter, compared to analysts’ expectations of $248.36 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%.

Ormat Technologies Price Performance

NYSE ORA traded up $0.24 during trading hours on Wednesday, reaching $94.43. The company’s stock had a trading volume of 1,406,054 shares, compared to its average volume of 872,276. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 46.52, a PEG ratio of 3.42 and a beta of 0.89. Ormat Technologies has a 1 year low of $85.77 and a 1 year high of $146.39. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The firm’s 50-day moving average price is $94.41 and its 200-day moving average price is $111.29.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ORA shares. TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Morgan Stanley began coverage on shares of Ormat Technologies in a research note on Thursday, October 29th. They issued an “overweight” rating and a $123.00 price target for the company. Zacks Research lowered shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. Barclays cut their price objective on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $127.62.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.