Ormat Technologies (NYSE:ORA) Upgraded at TD Cowen

TD Cowen upgraded shares of Ormat Technologies (NYSE:ORA) to a strong-buy rating in a research report sent to investors on Monday morning,Zacks reports.

A number of other research firms also recently commented on ORA. JPMorgan Chase & Co. lifted their target price on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 9th. Oppenheimer increased 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. Sanford C. Bernstein upgraded Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target on the stock in a research note on Friday, September 4th. Barclays cut their price objective on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating for the company in a report on Monday, August 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $130.75.

Ormat Technologies Stock Performance

Shares of NYSE ORA opened at $89.94 on Monday. The firm’s 50-day moving average price is $101.01 and its 200-day moving average price is $112.65. Ormat Technologies has a 52-week low of $87.06 and a 52-week high of $146.39. The company has a market cap of $5.53 billion, a PE ratio of 44.31, a PEG ratio of 3.58 and a beta of 0.90. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 earnings per share. As a group, analysts anticipate that Ormat Technologies will post 2.6 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Institutional Investors Weigh In On Ormat Technologies

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the 2nd quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board purchased a new stake in Ormat Technologies in the 2nd quarter worth approximately $173,638,000. Legal & General Group Plc purchased a new stake in Ormat Technologies in the 2nd quarter worth approximately $77,650,000. Finally, Deutsche Bank AG bought a new stake in Ormat Technologies during the 2nd quarter worth approximately $42,015,000. Institutional investors own 95.49% of the company’s stock.

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.