Ormat Technologies (NYSE:ORA) Announces Quarterly Earnings Results

Ormat Technologies (NYSE:ORA) issued its quarterly earnings results on Wednesday. The energy company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.03, Zacks reports. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.

Ormat Technologies Stock Performance

ORA traded up $1.37 during trading on Wednesday, reaching $117.22. 684,844 shares of the company’s stock were exchanged, compared to its average volume of 654,274. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.77 and a quick ratio of 0.70. Ormat Technologies has a 1 year low of $64.39 and a 1 year high of $132.58. The company’s fifty day simple moving average is $118.52 and its 200-day simple moving average is $107.92. The stock has a market capitalization of $7.12 billion, a P/E ratio of 53.77, a price-to-earnings-growth ratio of 4.66 and a beta of 0.77.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Jefferies Financial Group cut Ormat Technologies from a “buy” rating to a “hold” rating and increased their price target for the company from $125.00 to $130.00 in a research note on Friday, February 13th. TD Cowen upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating in a report on Friday, January 9th. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $99.00 to $111.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Barclays dropped their target price on shares of Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating on the stock in a research report on Thursday, January 15th. Finally, Piper Sandler upped their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $129.80.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in Ormat Technologies by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company’s stock worth $211,036,000 after acquiring an additional 43,749 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Ormat Technologies by 62.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company’s stock worth $89,928,000 after purchasing an additional 413,384 shares during the last quarter. Northern Trust Corp lifted its stake in Ormat Technologies by 1.9% in the 3rd quarter. Northern Trust Corp now owns 751,132 shares of the energy company’s stock valued at $72,296,000 after buying an additional 14,069 shares in the last quarter. Legal & General Group Plc boosted its holdings in Ormat Technologies by 2.7% in the 3rd quarter. Legal & General Group Plc now owns 605,478 shares of the energy company’s stock worth $58,277,000 after buying an additional 15,833 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Ormat Technologies by 3.4% in the 4th quarter. Invesco Ltd. now owns 388,496 shares of the energy company’s stock worth $42,917,000 after buying an additional 12,914 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company’s stock.

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.