Analysts Set Ormat Technologies, Inc. (NYSE:ORA) Price Target at $75.33

Ormat Technologies, Inc. (NYSE:ORA) has earned a consensus rating of “Buy” from the five brokerages that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $75.33.

A number of equities analysts have recently commented on ORA shares. Oppenheimer assumed coverage on shares of Ormat Technologies in a report on Tuesday, August 4th. They set an “outperform” rating for the company. TheStreet downgraded shares of Ormat Technologies from a “b-” rating to a “c” rating in a report on Tuesday, August 4th. Zacks Investment Research raised shares of Ormat Technologies from a “strong sell” rating to a “hold” rating and set a $66.00 price target for the company in a report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. raised shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and set a $82.00 price target for the company in a report on Thursday, July 9th.

NYSE:ORA opened at $70.26 on Tuesday. The company has a 50-day moving average of $64.22 and a 200-day moving average of $63.81. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 46.84, a PEG ratio of 3.93 and a beta of 0.54. Ormat Technologies has a 52 week low of $53.44 and a 52 week high of $87.07. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.18 and a current ratio of 1.28.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. The company had revenue of $174.90 million during the quarter, compared to the consensus estimate of $168.63 million. Ormat Technologies had a net margin of 10.59% and a return on equity of 5.06%. The firm’s revenue for the quarter was down 5.0% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. Sell-side analysts forecast that Ormat Technologies will post 1.69 EPS for the current year.

In other news, EVP Ofer Benyosef acquired 511 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $58.00 per share, for a total transaction of $29,638.00. Following the completion of the acquisition, the executive vice president now owns 511 shares in the company, valued at $29,638. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Assi Ginzburg acquired 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average price of $61.03 per share, with a total value of $1,220,600.00. Following the acquisition, the chief financial officer now owns 20,000 shares of the company’s stock, valued at approximately $1,220,600. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 23,511 shares of company stock valued at $1,417,548. 0.80% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in shares of Ormat Technologies by 20.6% in the first quarter. Wells Fargo & Company MN now owns 94,663 shares of the energy company’s stock valued at $6,406,000 after acquiring an additional 16,163 shares in the last quarter. AXA raised its holdings in Ormat Technologies by 237.4% in the 1st quarter. AXA now owns 94,997 shares of the energy company’s stock valued at $6,428,000 after buying an additional 66,839 shares during the last quarter. Advisor Group Holdings Inc. bought a new position in Ormat Technologies in the 1st quarter valued at approximately $314,000. Clearbridge Investments LLC raised its holdings in Ormat Technologies by 4.2% in the 1st quarter. Clearbridge Investments LLC now owns 106,657 shares of the energy company’s stock valued at $7,216,000 after buying an additional 4,282 shares during the last quarter. Finally, State Street Corp raised its holdings in Ormat Technologies by 6.6% in the 1st quarter. State Street Corp now owns 894,880 shares of the energy company’s stock valued at $60,548,000 after buying an additional 55,259 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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, Honduras, and internationally. The company operates through three segments: Electricity, Product, and Energy Storage and Management Services.

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