Ormat Technologies (NYSE:ORA) Now Covered by Piper Sandler

Research analysts at Piper Sandler assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a report released on Thursday, MarketBeat.com reports. The firm set a “neutral” rating and a $78.00 price target on the energy company’s stock. Piper Sandler’s price target would suggest a potential upside of 16.09% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Roth Mkm reissued a “buy” rating and set a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Oppenheimer lifted their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ormat Technologies presently has a consensus rating of “Hold” and an average price target of $83.57.

Ormat Technologies Stock Down 6.0 %

Shares of NYSE:ORA opened at $67.19 on Thursday. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The stock’s 50-day moving average price is $79.12 and its 200-day moving average price is $75.90. The stock has a market capitalization of $4.06 billion, a P/E ratio of 34.28, a price-to-earnings-growth ratio of 3.75 and a beta of 0.53.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. The firm had revenue of $211.80 million during the quarter, compared to the consensus estimate of $215.53 million. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%. The business’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.47 earnings per share. On average, equities analysts anticipate that Ormat Technologies will post 1.93 earnings per share for the current year.

Insider Buying and Selling at Ormat Technologies

In other news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.98, for a total value of $94,924.68. Following the transaction, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 15.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the sale, the insider now owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. This represents a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,702,522 shares of company stock valued at $279,103,917. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ORA. Tidal Investments LLC lifted its holdings in shares of Ormat Technologies by 36.8% in the third quarter. Tidal Investments LLC now owns 45,642 shares of the energy company’s stock worth $3,512,000 after buying an additional 12,272 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Ormat Technologies by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,301,291 shares of the energy company’s stock valued at $100,140,000 after purchasing an additional 22,714 shares in the last quarter. Holocene Advisors LP boosted its stake in Ormat Technologies by 28.7% during the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after buying an additional 10,718 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Ormat Technologies in the 3rd quarter worth approximately $19,096,000. Finally, Summit Partners Public Asset Management LLC raised its holdings in shares of Ormat Technologies by 16.7% during the 3rd quarter. Summit Partners Public Asset Management LLC now owns 350,000 shares of the energy company’s stock worth $26,929,000 after acquiring an additional 50,000 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.