Ormat Technologies (NYSE:ORA) Hits New 52-Week High – Time to Buy?

Ormat Technologies, Inc. (NYSE:ORA)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $129.59 and last traded at $128.2020, with a volume of 51669 shares. The stock had previously closed at $125.77.

Wall Street Analyst Weigh In

ORA has been the topic of a number of analyst reports. Barclays cut their price objective 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. Robert W. Baird set a $143.00 price target on shares of Ormat Technologies in a report on Wednesday, January 14th. Roth Mkm set a $139.00 price target on Ormat Technologies in a research report on Wednesday, January 28th. UBS Group raised their price objective on Ormat Technologies from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Oppenheimer boosted their target price on Ormat Technologies from $125.00 to $136.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 27th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $128.00.

Ormat Technologies Stock Performance

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 firm has a 50-day moving average of $115.68 and a 200-day moving average of $104.23. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of 59.28, a P/E/G ratio of 4.95 and a beta of 0.77.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.The business had revenue of $249.73 million for the quarter, compared to the consensus estimate of $235.03 million. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s quarterly revenue was up 17.9% compared to the same quarter last year. As a group, sell-side analysts predict that Ormat Technologies, Inc. will post 1.94 earnings per share for the current year.

Insider Transactions at Ormat Technologies

In related news, Director Ravit Barniv sold 1,753 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.54, for a total value of $197,282.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Assi Ginzburg sold 20,000 shares of Ormat Technologies stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $112.72, for a total transaction of $2,254,400.00. Following the sale, the chief financial officer owned 4,482 shares of the company’s stock, valued at approximately $505,211.04. The trade was a 81.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,860 shares of company stock worth $4,601,530 in the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Curio Wealth LLC lifted its holdings in shares of Ormat Technologies by 29,200.0% in the 2nd quarter. Curio Wealth LLC now owns 293 shares of the energy company’s stock valued at $25,000 after buying an additional 292 shares during the period. Wolff Wiese Magana LLC purchased a new position in Ormat Technologies during the fourth quarter valued at approximately $33,000. Ameriflex Group Inc. lifted its holdings in Ormat Technologies by 1,100.0% in the third quarter. Ameriflex Group Inc. now owns 360 shares of the energy company’s stock valued at $35,000 after acquiring an additional 330 shares during the period. Jones Financial Companies Lllp boosted its position in Ormat Technologies by 43.8% in the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after purchasing an additional 113 shares in the last quarter. Finally, USA Financial Formulas purchased a new stake in Ormat Technologies in the 4th quarter worth approximately $51,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

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.