Wall Street Zen Downgrades Ormat Technologies (NYSE:ORA) to Strong Sell

Ormat Technologies (NYSE:ORA) was downgraded by analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

ORA has been the topic of a number of other reports. JPMorgan Chase & Co. increased their price target on Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a “peer perform” rating on the stock. Sanford C. Bernstein upgraded Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a report on Friday, September 4th. Royal Bank Of Canada restated an “outperform” rating and issued a $130.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Finally, Oppenheimer lifted their price target on Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $130.75.

Ormat Technologies Stock Up 0.0%

NYSE ORA opened at $92.86 on Friday. Ormat Technologies has a 1-year low of $87.06 and a 1-year high of $146.39. The company has a market capitalization of $5.71 billion, a price-to-earnings ratio of 45.75, a PEG ratio of 3.57 and a beta of 0.90. The stock’s 50 day moving average is $101.43 and its two-hundred day moving average is $113.02. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.Ormat Technologies’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.48 EPS. Equities analysts forecast that Ormat Technologies will post 2.6 earnings per share for the current fiscal year.

Institutional Trading of Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Ormat Technologies during the 2nd quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in Ormat Technologies in the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board bought a new position in Ormat Technologies in the second quarter valued at approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock valued at $128,469,000 after acquiring an additional 282,583 shares during the last quarter. Finally, Norges Bank acquired a new stake in Ormat Technologies during the 4th quarter worth $86,545,000. 95.49% of the stock is owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.