Ormat Technologies (NYSE:ORA) Rating Lowered to Neutral at Roth Capital

Ormat Technologies (NYSE:ORA) was downgraded by stock analysts at Roth Capital from a “buy” rating to a “neutral” rating in a report issued on Monday, The Fly reports. They presently have a $78.00 target price on the energy company’s stock. Roth Capital’s price target would indicate a potential upside of 2.05% from the stock’s previous close. The analysts noted that the move was a valuation call.

ORA has been the subject of several other research reports. Cowen cut Ormat Technologies from an “outperform” rating to a “market perform” rating and set a $76.00 price target for the company. in a research note on Thursday, October 24th. UBS Group upped their price objective on Ormat Technologies from $59.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Monday, October 21st. Finally, ValuEngine lowered Ormat Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $73.40.

Shares of Ormat Technologies stock traded up $0.46 during trading hours on Monday, hitting $76.43. 3,660 shares of the company were exchanged, compared to its average volume of 203,609. Ormat Technologies has a 1 year low of $49.70 and a 1 year high of $79.18. The company has a current ratio of 1.23, a quick ratio of 1.11 and a debt-to-equity ratio of 0.70. The business has a 50-day moving average of $75.24 and a 200-day moving average of $67.72. The stock has a market capitalization of $3.82 billion, a price-to-earnings ratio of 36.75, a P/E/G ratio of 3.86 and a beta of 1.03.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.03). Ormat Technologies had a return on equity of 6.00% and a net margin of 12.59%. The company had revenue of $170.50 million for the quarter, compared to analysts’ expectations of $171.11 million. During the same quarter last year, the company earned $0.31 EPS. Ormat Technologies’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts anticipate that Ormat Technologies will post 1.77 earnings per share for the current fiscal year.

In related news, Director Ravit Barniv sold 7,500 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $73.00, for a total transaction of $547,500.00. Following the transaction, the director now owns 8,259 shares of the company’s stock, valued at $602,907. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Roberts Christopher bought 100,000 shares of the stock in a transaction on Monday, November 4th. The stock was purchased at an average cost of $3.08 per share, for a total transaction of $308,000.00. Insiders have sold 28,212 shares of company stock worth $2,052,726 in the last ninety days. 0.63% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Ormat Technologies by 3.0% in the second quarter. BlackRock Inc. now owns 3,385,203 shares of the energy company’s stock valued at $214,589,000 after purchasing an additional 99,904 shares during the last quarter. Global Alpha Capital Management Ltd. grew its holdings in Ormat Technologies by 3.4% in the second quarter. Global Alpha Capital Management Ltd. now owns 1,222,479 shares of the energy company’s stock valued at $77,976,000 after purchasing an additional 40,367 shares during the last quarter. Northern Trust Corp grew its holdings in Ormat Technologies by 2.0% in the second quarter. Northern Trust Corp now owns 574,670 shares of the energy company’s stock valued at $36,428,000 after purchasing an additional 11,271 shares during the last quarter. Van ECK Associates Corp grew its holdings in Ormat Technologies by 21.7% in the second quarter. Van ECK Associates Corp now owns 427,426 shares of the energy company’s stock valued at $27,095,000 after purchasing an additional 76,097 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Ormat Technologies by 1.7% in the second quarter. Charles Schwab Investment Management Inc. now owns 337,735 shares of the energy company’s stock valued at $21,410,000 after purchasing an additional 5,625 shares during the last quarter. 74.79% of the stock is currently owned by institutional investors.

About Ormat Technologies

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

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