Ormat Technologies (NYSE:ORA) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Ormat Technologies (NYSE:ORA) from a sell rating to a strong sell rating in a report issued on Saturday,Wall Street Zen reports.

Other equities analysts also recently issued research reports about the company. Barclays lowered their price target on Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research report on Monday, August 10th. Wolfe Research began coverage on Ormat Technologies in a research note on Monday, June 8th. They set a “peer perform” rating for the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $130.00 target price on shares of Ormat Technologies in a research report on Wednesday, September 9th. Jefferies Financial Group reissued a “hold” rating and issued a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday, September 9th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ormat Technologies from $122.00 to $131.00 and gave the stock a “neutral” rating in a report on Wednesday, September 9th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $130.75.

Ormat Technologies Stock Down 1.6%

ORA opened at $91.39 on Friday. The company has a fifty day moving average of $101.21 and a two-hundred day moving average of $112.90. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 45.02, a PEG ratio of 3.57 and a beta of 0.90. Ormat Technologies has a fifty-two week low of $87.06 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.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The business had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same period in the prior year, the company posted $0.48 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts expect that Ormat Technologies will post 2.6 earnings per share 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 issued 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 dividend payout ratio (DPR) is presently 23.65%.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently modified their holdings of the business. Main Street Group LTD acquired a new position in Ormat Technologies during the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Ormat Technologies in the 4th quarter valued at about $31,000. Quantbot Technologies LP purchased a new position in Ormat Technologies in the 2nd quarter worth approximately $33,000. Allworth Financial LP purchased a new position in Ormat Technologies in the 2nd quarter worth approximately $40,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Ormat Technologies in the 2nd quarter worth approximately $46,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.