Ormat Technologies (NYSE:ORA) Sets New 1-Year High at $76.82

Ormat Technologies, Inc. (NYSE:ORA) shares hit a new 52-week high during trading on Monday . The stock traded as high as $76.82 and last traded at $76.65, with a volume of 937 shares traded. The stock had previously closed at $75.67.

Several research analysts recently weighed in on the stock. UBS Group boosted their price objective on shares of Ormat Technologies from $59.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Deutsche Bank reaffirmed a “buy” rating and issued a $17.00 target price on shares of Ormat Technologies in a research note on Thursday. Roth Capital increased their price objective on shares of Ormat Technologies from $67.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Credit Suisse Group restated a “buy” rating and set a $16.00 price objective on shares of Ormat Technologies in a research note on Thursday. Finally, ValuEngine cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $54.00.

The company has a quick ratio of 1.35, a current ratio of 1.49 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $3.80 billion, a P/E ratio of 36.90, a P/E/G ratio of 3.83 and a beta of 1.05. The firm’s 50 day simple moving average is $73.52 and its two-hundred day simple moving average is $65.19.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, August 7th. The energy company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.09. The business had revenue of $184.10 million for the quarter, compared to analysts’ expectations of $175.60 million. Ormat Technologies had a net margin of 11.98% and a return on equity of 6.07%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.32 earnings per share. As a group, equities research analysts expect that Ormat Technologies, Inc. will post 1.77 earnings per share for the current year.

In other Ormat Technologies news, Director Ravit Barniv sold 5,786 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $73.00, for a total transaction of $422,378.00. Following the completion of the sale, the director now owns 6,545 shares of the company’s stock, valued at approximately $477,785. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Bob Sullivan sold 13,212 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $72.48, for a total transaction of $957,605.76. Following the sale, the executive vice president now directly owns 18,478 shares of the company’s stock, valued at approximately $1,339,285.44. The disclosure for this sale can be found here. Insiders have sold a total of 35,712 shares of company stock worth $2,582,976 in the last ninety days. 0.63% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Prudential Financial Inc. boosted its holdings in shares of Ormat Technologies by 3.8% in the second quarter. Prudential Financial Inc. now owns 4,367 shares of the energy company’s stock worth $277,000 after buying an additional 160 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in Ormat Technologies by 20.3% in the second quarter. Public Employees Retirement System of Ohio now owns 1,383 shares of the energy company’s stock worth $88,000 after purchasing an additional 233 shares during the last quarter. Royal Bank of Canada increased its position in Ormat Technologies by 12.2% in the second quarter. Royal Bank of Canada now owns 3,653 shares of the energy company’s stock worth $230,000 after purchasing an additional 398 shares during the last quarter. LGT Capital Partners LTD. boosted its stake in Ormat Technologies by 1.5% during the third quarter. LGT Capital Partners LTD. now owns 39,780 shares of the energy company’s stock worth $2,955,000 after buying an additional 600 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in Ormat Technologies by 0.8% during the first quarter. Clearbridge Investments LLC now owns 79,226 shares of the energy company’s stock worth $4,369,000 after buying an additional 660 shares during the period. Institutional investors own 74.93% of the company’s stock.

About Ormat Technologies (NYSE:ORA)

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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