Ormat Technologies (NYSE:ORA) Announces Quarterly Earnings Results, Hits Expectations

Ormat Technologies (NYSE:ORA) issued its quarterly earnings results on Wednesday. The energy company reported $0.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.67, Zacks reports. The company had revenue of $276.04 million during the quarter, compared to the consensus estimate of $257.75 million. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.Ormat Technologies’s revenue was up 19.6% on a year-over-year basis. During the same period last year, the company earned $0.67 earnings per share.

Ormat Technologies Price Performance

Shares of ORA stock opened at $117.22 on Thursday. Ormat Technologies has a twelve month low of $64.39 and a twelve month high of $132.58. The company has a current ratio of 0.77, a quick ratio of 0.70 and a debt-to-equity ratio of 0.79. The stock has a fifty day simple moving average of $118.69 and a two-hundred day simple moving average of $107.99. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 53.77, a P/E/G ratio of 4.69 and a beta of 0.77.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ORA. TD Cowen raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research report on Friday, January 9th. Roth Mkm set a $139.00 target price on Ormat Technologies in a research note on Wednesday, January 28th. Piper Sandler increased their price target on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Finally, Oppenheimer upped their price objective on Ormat Technologies from $125.00 to $136.00 and gave the company an “outperform” rating in a research report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.80.

Institutional Trading of Ormat Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies during the 4th quarter worth about $26,000. Los Angeles Capital Management LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter worth approximately $32,000. Smartleaf Asset Management LLC boosted its stake in shares of Ormat Technologies by 245.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after purchasing an additional 211 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Ormat Technologies by 251.0% during the second quarter. EverSource Wealth Advisors LLC now owns 523 shares of the energy company’s stock valued at $44,000 after purchasing an additional 374 shares in the last quarter. Finally, HM Payson & Co. increased its holdings in Ormat Technologies by 100.0% during the fourth quarter. HM Payson & Co. now owns 400 shares of the energy company’s stock valued at $44,000 after buying an additional 200 shares during the period. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.