Ormat Technologies (NYSE:ORA) Now Covered by Piper Sandler

Stock analysts at Piper Sandler started coverage on shares of Ormat Technologies (NYSE:ORA) in a research note issued on Thursday, Marketbeat.com reports. The firm set a “neutral” rating and a $78.00 price target on the energy company’s stock. Piper Sandler’s price objective would indicate a potential upside of 15.52% from the stock’s previous close.

Several other analysts have also issued reports on ORA. Roth Mkm restated a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Oppenheimer boosted their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $83.57.

Ormat Technologies Trading Up 0.6 %

Shares of Ormat Technologies stock opened at $67.52 on Thursday. The firm has a market cap of $4.08 billion, a PE ratio of 34.45, a P/E/G ratio of 3.75 and a beta of 0.53. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The stock has a fifty day moving average price of $78.79 and a 200-day moving average price of $75.78.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, November 6th. The energy company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.05. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company had revenue of $211.80 million during the quarter, compared to analyst estimates of $215.53 million. During the same quarter last year, the business posted $0.47 EPS. Ormat Technologies’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Ormat Technologies will post 1.93 EPS for the current year.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ormat Technologies

A number of large investors have recently modified their holdings of the company. Y.D. More Investments Ltd boosted its stake in Ormat Technologies by 1,011.5% in the second quarter. Y.D. More Investments Ltd now owns 493,619 shares of the energy company’s stock worth $34,943,000 after buying an additional 449,209 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Ormat Technologies in the 3rd quarter worth $19,096,000. Global Alpha Capital Management Ltd. raised its position in Ormat Technologies by 6.1% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock worth $188,125,000 after purchasing an additional 140,882 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ormat Technologies by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,450,797 shares of the energy company’s stock worth $104,030,000 after purchasing an additional 86,291 shares during the last quarter. Finally, Summit Partners Public Asset Management LLC boosted its position in Ormat Technologies by 16.7% during the third quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock valued at $26,929,000 after buying an additional 50,000 shares during the period. 95.49% of the stock is owned by hedge funds and other 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.