Ormat Technologies (NYSE:ORA) Upgraded at Sanford C. Bernstein

Ormat Technologies (NYSE:ORA) was upgraded by analysts at Sanford C. Bernstein to a “strong sell” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

ORA has been the subject of a number of other reports. TD Cowen decreased their price objective on Ormat Technologies from $131.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a report on Tuesday, April 21st. Barclays increased their price objective on Ormat Technologies from $123.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Roth Mkm reiterated a “buy” rating and set a $135.00 price objective on shares of Ormat Technologies in a report on Monday, May 11th. Finally, Oppenheimer reiterated an “outperform” rating and set a $144.00 price objective on shares of Ormat Technologies in a report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $131.67.

Ormat Technologies Trading Down 5.6%

NYSE ORA opened at $126.43 on Tuesday. The firm has a market cap of $7.77 billion, a P/E ratio of 61.37, a P/E/G ratio of 5.71 and a beta of 0.85. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The stock’s 50-day moving average is $125.87 and its 200-day moving average is $118.73. Ormat Technologies has a one year low of $80.82 and a one year high of $146.39.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to analyst estimates of $349.17 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.Ormat Technologies’s revenue was up 75.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 earnings per share. Sell-side analysts anticipate that Ormat Technologies will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Ormat Technologies

In related news, Director Byron G. Wong sold 4,500 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $134.32, for a total transaction of $604,440.00. Following the completion of the transaction, the director directly owned 5,925 shares in the company, valued at approximately $795,846. This trade represents a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Assi Ginzburg sold 17,776 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $134.75, for a total value of $2,395,316.00. Following the completion of the transaction, the chief financial officer owned 1,970 shares of the company’s stock, valued at approximately $265,457.50. This represents a 90.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 30,721 shares of company stock valued at $4,105,657 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ORA. Aster Capital Management DIFC Ltd bought a new position in Ormat Technologies in the fourth quarter valued at approximately $26,000. Main Street Group LTD bought a new position in Ormat Technologies in the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in Ormat Technologies in the fourth quarter valued at approximately $31,000. Los Angeles Capital Management LLC bought a new position in Ormat Technologies in the fourth quarter valued at approximately $32,000. Finally, Wolff Wiese Magana LLC bought a new position in Ormat Technologies in the fourth quarter valued at approximately $33,000. 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.