Ormat Technologies (NYSE:ORA) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Ormat Technologies (NYSE:ORA) posted its quarterly earnings data on Wednesday. The energy company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.64 by $0.03, Zacks reports. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.12%.

Ormat Technologies Trading Up 1.2%

Shares of NYSE ORA traded up $1.37 during midday trading on Wednesday, reaching $117.22. 684,844 shares of the stock were exchanged, compared to its average volume of 654,274. The stock has a market capitalization of $7.12 billion, a P/E ratio of 53.77, a PEG ratio of 4.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.70 and a current ratio of 0.77. The company has a 50 day simple moving average of $118.52 and a 200 day simple moving average of $107.92. Ormat Technologies has a twelve month low of $64.39 and a twelve month high of $132.58.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ORA shares. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $99.00 to $111.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Jefferies Financial Group cut shares of Ormat Technologies from a “buy” rating to a “hold” rating and upped their price objective for the company from $125.00 to $130.00 in a research note on Friday, February 13th. TD Cowen raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Friday, January 9th. Barclays dropped their price target on Ormat Technologies from $118.00 to $108.00 and set an “overweight” rating for the company in a research report on Thursday, January 15th. Finally, Roth Mkm set a $139.00 price objective on Ormat Technologies in a research report on Wednesday, January 28th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $129.80.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in shares of Ormat Technologies during the 4th quarter worth $26,000. Smartleaf Asset Management LLC raised its holdings in Ormat Technologies by 245.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock valued at $33,000 after buying an additional 211 shares during the period. Los Angeles Capital Management LLC acquired a new position in Ormat Technologies in the fourth quarter valued at about $32,000. HM Payson & Co. boosted its stake in Ormat Technologies by 100.0% during the fourth quarter. HM Payson & Co. now owns 400 shares of the energy company’s stock worth $44,000 after buying an additional 200 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its stake in Ormat Technologies by 25,400.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 510 shares of the energy company’s stock worth $56,000 after buying an additional 508 shares during the period. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

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.