Ormat Technologies, Inc. (ORA) Expected to Announce Quarterly Sales of $175.78 Million

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Wall Street brokerages expect that Ormat Technologies, Inc. (NYSE:ORA) will post sales of $175.78 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Ormat Technologies’ earnings, with the highest sales estimate coming in at $179.43 million and the lowest estimate coming in at $172.80 million. Ormat Technologies reported sales of $157.19 million during the same quarter last year, which indicates a positive year over year growth rate of 11.8%. The business is expected to issue its next quarterly earnings results on Tuesday, November 6th.

According to Zacks, analysts expect that Ormat Technologies will report full year sales of $711.67 million for the current year, with estimates ranging from $708.81 million to $714.60 million. For the next fiscal year, analysts anticipate that the business will report sales of $757.69 million, with estimates ranging from $753.10 million to $760.60 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Ormat Technologies.

Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.17). Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $176.06 million.

Several analysts recently issued reports on ORA shares. Zacks Investment Research upgraded Ormat Technologies from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Wednesday, July 18th. TheStreet lowered Ormat Technologies from a “b-” rating to a “c+” rating in a research note on Thursday, August 9th. ValuEngine upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, September 12th. Guggenheim lowered Ormat Technologies from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a research note on Wednesday, June 13th. Finally, JPMorgan Chase & Co. upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and dropped their price objective for the company from $64.00 to $60.00 in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $64.80.

ORA traded down $0.18 on Friday, hitting $52.18. 177,219 shares of the company were exchanged, compared to its average volume of 233,688. Ormat Technologies has a 12 month low of $45.79 and a 12 month high of $70.68. The firm has a market capitalization of $2.74 billion, a PE ratio of 17.45, a PEG ratio of 2.87 and a beta of 1.47. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.16.

In other Ormat Technologies news, EVP Bob Sullivan sold 20,329 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $56.94, for a total value of $1,157,533.26. Following the sale, the executive vice president now owns 23,329 shares in the company, valued at $1,328,353.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. Smithfield Trust Co. bought a new position in shares of Ormat Technologies during the second quarter worth approximately $129,000. Cubist Systematic Strategies LLC bought a new position in shares of Ormat Technologies during the first quarter worth approximately $182,000. SG Americas Securities LLC increased its stake in shares of Ormat Technologies by 37.1% during the first quarter. SG Americas Securities LLC now owns 3,946 shares of the energy company’s stock worth $222,000 after purchasing an additional 1,068 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Ormat Technologies during the first quarter worth approximately $267,000. Finally, Royal Bank of Canada increased its stake in shares of Ormat Technologies by 103.6% during the first quarter. Royal Bank of Canada now owns 5,445 shares of the energy company’s stock worth $307,000 after purchasing an additional 2,771 shares during the period. Hedge funds and other institutional investors own 72.87% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.

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