Ormat Technologies (NYSE:ORA) Stock Bumped Up to “Hold” by Zacks Research

Ormat Technologies (NYSE:ORA) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

ORA has been the topic of several other research reports. Piper Sandler cut their target price on Ormat Technologies from $142.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday. Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 price target on shares of Ormat Technologies in a research report on Wednesday, September 9th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, October 15th. Morgan Stanley began coverage on Ormat Technologies in a research note on Thursday, October 29th. They set an “overweight” rating and a $123.00 price objective on the stock. Finally, Wall Street Zen raised shares of Ormat Technologies from a “strong sell” rating to a “sell” rating in a report on Sunday, October 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and an average target price of $124.15.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $92.36 on Monday. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 3.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.92. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The firm’s 50-day simple moving average is $93.34 and its 200 day simple moving average is $110.64.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.23. The firm had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. As a group, research analysts anticipate that Ormat Technologies will post 2.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ormat Technologies

Institutional investors have recently modified their holdings of the business. Main Street Group LTD purchased a new stake in shares of Ormat Technologies during the 1st quarter valued at $29,000. Quantbot Technologies LP bought a new stake in shares of Ormat Technologies during the 2nd quarter worth $33,000. Allworth Financial LP purchased a new position in shares of Ormat Technologies in the 2nd quarter worth about $40,000. Public Employees Retirement System of Ohio purchased a new position in shares of Ormat Technologies in the 2nd quarter worth about $46,000. Finally, Root Financial Partners LLC bought a new position in Ormat Technologies during the third quarter valued at about $42,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity. The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.