Ormat Technologies (NYSE:ORA) Stock Rated Overweight in New Coverage at Morgan Stanley

Morgan Stanley started coverage on shares of Ormat Technologies (NYSE:ORA) in a report published on Thursday morning, MarketBeat reports. The brokerage issued an overweight rating and a $123.00 price objective on the energy company’s stock.

Other equities research analysts have also recently issued reports about the company. Oppenheimer lifted their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price on the stock in a research note on Friday, September 4th. Wall Street Zen raised Ormat Technologies from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 11th. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, October 15th. Finally, Zacks Research cut Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.62.

Ormat Technologies Stock Performance

NYSE:ORA opened at $89.68 on Thursday. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. The company has a 50 day moving average price of $94.96 and a 200 day moving average price of $111.56. The stock has a market capitalization of $5.52 billion, a P/E ratio of 44.18, a PEG ratio of 3.40 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same quarter in the previous year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Ormat Technologies will post 2.69 EPS for the current year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s payout ratio is currently 23.65%.

Institutional Trading of Ormat Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Jupiter Topco LLC acquired a new stake in shares of Ormat Technologies during the 2nd quarter valued at $2,979,000. Deutsche Bank AG purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at $42,015,000. Trillium Asset Management LLC acquired a new position in shares of Ormat Technologies in the second quarter worth $16,106,000. Readystate Asset Management LP acquired a new position in shares of Ormat Technologies in the second quarter worth $3,165,000. Finally, BlackRock Inc. acquired a new position in shares of Ormat Technologies in the second quarter worth $896,374,000. 95.49% of the stock is owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.