Zacks Investment Research upgraded shares of Ormat Technologies (NYSE:ORA) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage currently has $72.00 price target on the energy company’s stock.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Several other research firms have also recently weighed in on ORA. Roth Capital set a $70.00 price target on shares of Ormat Technologies and gave the company a buy rating in a report on Monday, November 13th. TheStreet raised shares of Ormat Technologies from a c+ rating to a b- rating in a report on Monday, November 13th. Finally, Oppenheimer reissued a buy rating and issued a $70.00 price target (up from $65.00) on shares of Ormat Technologies in a report on Wednesday, September 27th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $68.43.
Ormat Technologies (NYSE:ORA) last issued its earnings results on Tuesday, November 7th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.06). The firm had revenue of $157.20 million during the quarter, compared to the consensus estimate of $159.02 million. Ormat Technologies had a net margin of 16.99% and a return on equity of 9.41%. The firm’s revenue for the quarter was down 14.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 earnings per share. research analysts anticipate that Ormat Technologies will post 2.21 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, November 20th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. Ormat Technologies’s payout ratio is presently 13.73%.
Several large investors have recently made changes to their positions in the business. Royal Bank of Canada grew its position in shares of Ormat Technologies by 1.7% during the 2nd quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after purchasing an additional 34 shares in the last quarter. Psagot Investment House Ltd. grew its position in shares of Ormat Technologies by 1.6% during the 2nd quarter. Psagot Investment House Ltd. now owns 2,661 shares of the energy company’s stock worth $156,000 after purchasing an additional 43 shares in the last quarter. Hanseatic Management Services Inc. grew its position in shares of Ormat Technologies by 1.0% during the 2nd quarter. Hanseatic Management Services Inc. now owns 4,940 shares of the energy company’s stock worth $290,000 after purchasing an additional 48 shares in the last quarter. Sei Investments Co. grew its position in shares of Ormat Technologies by 2.2% during the 2nd quarter. Sei Investments Co. now owns 2,266 shares of the energy company’s stock worth $133,000 after purchasing an additional 49 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of Ormat Technologies by 4.7% during the 2nd quarter. Amalgamated Bank now owns 5,060 shares of the energy company’s stock worth $297,000 after purchasing an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 46.34% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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