Ormat Technologies (NYSE:ORA) was downgraded by analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday.
Several other equities analysts have also recently commented on the stock. JPMorgan Chase & Co. cut shares of Ormat Technologies from an “overweight” rating to a “neutral” rating and set a $62.00 price target on the stock. in a report on Monday, May 14th. Roth Capital lowered their price target on shares of Ormat Technologies from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Friday, March 2nd. Cowen set a $67.00 price target on shares of Ormat Technologies and gave the company a “buy” rating in a report on Thursday, March 1st. UBS Group initiated coverage on shares of Ormat Technologies in a report on Friday, March 16th. They set a “neutral” rating on the stock. Finally, Zacks Investment Research cut shares of Ormat Technologies from a “hold” rating to a “sell” rating in a report on Saturday, April 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $69.17.
Shares of Ormat Technologies stock traded down $0.36 on Wednesday, hitting $51.53. 898 shares of the company traded hands, compared to its average volume of 238,140. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.61. Ormat Technologies has a 12-month low of $50.43 and a 12-month high of $70.68. The stock has a market cap of $2.60 billion, a P/E ratio of 17.35, a P/E/G ratio of 2.33 and a beta of 1.32.
Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Friday, March 16th. The energy company reported $1.29 EPS for the quarter, beating the consensus estimate of $0.57 by $0.72. Ormat Technologies had a net margin of 24.00% and a return on equity of 11.11%. The business had revenue of $166.37 million for the quarter, compared to analysts’ expectations of $169.36 million. equities research analysts expect that Ormat Technologies will post 2 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Ormat Technologies by 6.1% in the first quarter. Principal Financial Group Inc. now owns 16,849 shares of the energy company’s stock worth $950,000 after purchasing an additional 976 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Ormat Technologies in the first quarter worth $1,546,000. Handelsbanken Fonder AB boosted its holdings in Ormat Technologies by 179.4% in the first quarter. Handelsbanken Fonder AB now owns 371,105 shares of the energy company’s stock worth $20,923,000 after purchasing an additional 238,276 shares in the last quarter. Royal Bank of Canada boosted its holdings in Ormat Technologies by 103.6% in the first quarter. Royal Bank of Canada now owns 5,445 shares of the energy company’s stock worth $307,000 after purchasing an additional 2,771 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in Ormat Technologies in the first quarter worth $182,000. Hedge funds and other institutional investors own 71.05% of the company’s stock.
Ormat Technologies Company Profile
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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