FY2024 EPS Estimate for Ormat Technologies Lifted by Analyst

Ormat Technologies, Inc. (NYSE:ORA) – Equities researchers at Roth Capital upped their FY2024 earnings estimates for shares of Ormat Technologies in a research note issued to investors on Monday, February 24th. Roth Capital analyst J. Clare now anticipates that the energy company will post earnings of $2.01 per share for the year, up from their previous estimate of $1.98. The consensus estimate for Ormat Technologies’ current full-year earnings is $1.94 per share. Roth Capital also issued estimates for Ormat Technologies’ Q4 2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.69 EPS and Q4 2025 earnings at $0.70 EPS.

A number of other brokerages have also recently issued reports on ORA. Roth Mkm reaffirmed a “buy” rating and issued a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Oppenheimer raised their price objective on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Piper Sandler began coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and upped their target price for the company from $73.00 to $78.00 in a report on Thursday, February 20th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Ormat Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Ormat Technologies Stock Down 0.2 %

Shares of NYSE ORA opened at $68.48 on Wednesday. The stock has a market capitalization of $4.14 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The firm has a 50-day moving average price of $66.38 and a 200 day moving average price of $73.27. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Institutional Trading of Ormat Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. lifted its stake in shares of Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after purchasing an additional 229 shares during the period. Versant Capital Management Inc lifted its position in Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the period. Stuart Chaussee & Associates Inc. purchased a new position in Ormat Technologies during the fourth quarter worth about $34,000. AlphaQuest LLC boosted its stake in Ormat Technologies by 4,691.7% in the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after buying an additional 563 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Ormat Technologies in the 4th quarter valued at about $66,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. This represents a 25.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares in the company, valued at $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. 1.00% of the stock is owned by insiders.

About Ormat Technologies

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.