Ormat Technologies (NYSE:ORA) Coverage Initiated at Piper Sandler

Stock analysts at Piper Sandler initiated coverage on shares of Ormat Technologies (NYSE:ORA) in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $78.00 price target on the energy company’s stock. Piper Sandler’s target price indicates a potential upside of 16.09% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Oppenheimer raised their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $83.57.

Ormat Technologies Trading Down 6.0 %

Shares of ORA stock opened at $67.19 on Thursday. The stock has a market cap of $4.06 billion, a P/E ratio of 34.28, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock has a 50 day simple moving average of $79.12 and a 200 day simple moving average of $75.90. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.47 earnings per share. On average, research analysts predict that Ormat Technologies will post 1.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Byron G. Wong sold 1,266 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now directly owns 6,906 shares in the company, valued at approximately $517,811.88. The trade was a 15.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Granot sold 1,256 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. This trade represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,702,522 shares of company stock worth $279,103,917. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ORA. Blue Trust Inc. lifted its stake in Ormat Technologies by 180.3% in the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after purchasing an additional 229 shares during the last quarter. UMB Bank n.a. increased its holdings in Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after acquiring an additional 320 shares during the last quarter. GAMMA Investing LLC raised its stake in Ormat Technologies by 44.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock valued at $81,000 after acquiring an additional 321 shares during the period. DMC Group LLC purchased a new stake in Ormat Technologies during the third quarter valued at about $204,000. Finally, nVerses Capital LLC increased its stake in shares of Ormat Technologies by 311.1% in the second quarter. nVerses Capital LLC now owns 3,700 shares of the energy company’s stock worth $265,000 after purchasing an additional 2,800 shares in the last quarter. 95.49% of the stock is 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, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.