Ormat Technologies (NYSE:ORA) Stock Gets Price Target Reduction from Piper Sandler

Ormat Technologies (NYSE:ORA) had its target price cut by Piper Sandler from $142.00 to $120.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Several other research firms have also issued reports on ORA. Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 11th. TD Cowen raised Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. Barclays cut their target price on Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. Morgan Stanley initiated coverage on Ormat Technologies in a report on Thursday, October 29th. They set an “overweight” rating and a $123.00 price target on the stock. Finally, Oppenheimer lowered their price target on Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating for the company in a research report on Friday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $124.15.

Ormat Technologies Stock Up 1.2%

Shares of NYSE:ORA opened at $93.49 on Monday. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84. Ormat Technologies has a 12 month low of $85.77 and a 12 month high of $146.39. The company has a 50-day moving average price of $93.07 and a 200 day moving average price of $110.49. The company has a market cap of $5.75 billion, a price-to-earnings ratio of 43.48, a PEG ratio of 3.21 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last released its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.33 by $0.23. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The company had revenue of $275.12 million during the quarter, compared to analyst estimates of $248.36 million. During the same quarter last year, the business posted $0.41 earnings per share. The firm’s revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts predict that Ormat Technologies will post 2.88 earnings per share for the current year.

Ormat Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 18th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 18th. Ormat Technologies’s payout ratio is currently 22.33%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Ormat Technologies during the 2nd quarter valued at about $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Ormat Technologies in the 2nd quarter valued at about $259,568,000. Canada Pension Plan Investment Board bought a new position in Ormat Technologies in the 2nd quarter worth about $173,638,000. Phoenix Financial Ltd. grew its stake in Ormat Technologies by 191.3% in the 3rd quarter. Phoenix Financial Ltd. now owns 1,614,749 shares of the energy company’s stock worth $147,733,000 after acquiring an additional 1,060,468 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after acquiring an additional 282,583 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity. The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.