Ormat Technologies, Inc. (NYSE:ORA) Releases Earnings Results, Beats Estimates By $0.03 EPS

Ormat Technologies, Inc. (NYSE:ORA) issued its quarterly earnings results on Thursday. The energy company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03, Morningstar.com reports. The company had revenue of $179.36 million for the quarter, compared to analyst estimates of $169.80 million. Ormat Technologies had a net margin of 14.26% and a return on equity of 10.05%. Ormat Technologies’s revenue was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share.

Shares of Ormat Technologies (ORA) traded down 4.81% during trading on Thursday, reaching $57.64. 260,366 shares of the company were exchanged. The stock has a market capitalization of $2.87 billion, a PE ratio of 29.11 and a beta of 1.20. The stock has a 50-day moving average price of $58.85 and a 200-day moving average price of $57.52. Ormat Technologies has a one year low of $45.30 and a one year high of $61.49.

A number of equities analysts have recently commented on the stock. Oppenheimer Holdings, Inc. set a $65.00 price target on shares of Ormat Technologies and gave the stock a “buy” rating in a report on Thursday, May 4th. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Friday, May 12th. Barclays PLC raised shares of Ormat Technologies from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $54.00 to $59.00 in a research note on Friday, May 26th. BidaskClub raised shares of Ormat Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Finally, Cowen and Company set a $67.00 target price on shares of Ormat Technologies and gave the stock a “buy” rating in a research note on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $65.25.

In other Ormat Technologies news, CEO Isaac Angel sold 150,000 shares of the stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $57.00, for a total transaction of $8,550,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bob Sullivan sold 7,151 shares of the stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $58.13, for a total transaction of $415,687.63. Following the sale, the executive vice president now directly owns 7,151 shares of the company’s stock, valued at approximately $415,687.63. The disclosure for this sale can be found here. Insiders have sold a total of 11,083,033 shares of company stock valued at $631,792,760 in the last three months. 22.97% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Capital One National Association boosted its stake in shares of Ormat Technologies by 1.0% in the first quarter. Capital One National Association now owns 11,777 shares of the energy company’s stock valued at $672,000 after buying an additional 117 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Ormat Technologies by 6.3% in the first quarter. Wells Fargo & Company MN now owns 49,488 shares of the energy company’s stock valued at $2,825,000 after buying an additional 2,918 shares during the last quarter. Reynders McVeigh Capital Management LLC boosted its stake in shares of Ormat Technologies by 25.7% in the first quarter. Reynders McVeigh Capital Management LLC now owns 5,645 shares of the energy company’s stock valued at $322,000 after buying an additional 1,155 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its stake in shares of Ormat Technologies by 378.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 29,617 shares of the energy company’s stock valued at $1,690,000 after buying an additional 23,427 shares during the last quarter. Finally, IFP Advisors Inc purchased a new stake in shares of Ormat Technologies during the first quarter valued at $154,000. 45.96% of the stock is owned by institutional investors and hedge funds.

Ormat Technologies Company Profile

Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.