Ormat Technologies (NYSE:ORA – Get Free Report) released its earnings results on Wednesday. The energy company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.24, FiscalAI reports. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.During the same quarter in the previous year, the business posted $0.48 EPS. Ormat Technologies’s revenue was up 10.6% on a year-over-year basis.
Ormat Technologies Trading Down 2.0%
Shares of NYSE:ORA traded down $2.02 during midday trading on Wednesday, reaching $98.06. The company’s stock had a trading volume of 1,098,927 shares, compared to its average volume of 825,786. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of 47.60, a price-to-earnings-growth ratio of 4.27 and a beta of 0.90. The business has a 50 day moving average price of $117.64 and a 200 day moving average price of $117.64. Ormat Technologies has a 1 year low of $84.13 and a 1 year high of $146.39. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.
Insider Buying and Selling
In related news, Director Byron G. Wong sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $134.32, for a total value of $604,440.00. Following the sale, the director directly owned 5,925 shares of the company’s stock, valued at approximately $795,846. This trade represents a 43.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Granot sold 1,766 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total transaction of $237,403.38. Following the completion of the sale, the director owned 1,766 shares of the company’s stock, valued at approximately $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 30,585 shares of company stock worth $4,090,998 over the last ninety days. Insiders own 0.50% of the company’s stock.
Hedge Funds Weigh In On Ormat Technologies
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on ORA shares. Piper Sandler raised their target price on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $106.00 to $123.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Roth Capital restated a “buy” rating and issued a $135.00 price target on shares of Ormat Technologies in a report on Monday, May 11th. UBS Group lifted their price objective on Ormat Technologies from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Wolfe Research initiated coverage on Ormat Technologies in a research report on Monday, June 8th. They issued a “peer perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $131.75.
View Our Latest Stock Analysis on ORA
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.
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