Roth Capital Issues Optimistic Forecast for ORA Earnings

Ormat Technologies, Inc. (NYSE:ORA) – Analysts at Roth Capital increased their FY2024 earnings per share estimates for Ormat Technologies in a research note issued on Monday, February 24th. Roth Capital analyst J. Clare now forecasts that the energy company will post earnings of $2.01 per share for the year, up from their prior 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.

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

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $68.48 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The company has a market cap 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. The stock’s 50-day moving average is $66.38 and its 200-day moving average is $73.27.

Insider Activity

In related news, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Granot sold 1,256 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was 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 disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

A number of institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. lifted its stake in Ormat Technologies by 2.0% during the fourth quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company’s stock worth $544,000 after purchasing an additional 160 shares during the last quarter. Bailard Inc. raised its holdings in shares of Ormat Technologies by 0.9% during the fourth quarter. Bailard Inc. now owns 19,446 shares of the energy company’s stock worth $1,317,000 after purchasing an additional 169 shares during the period. Securian Asset Management Inc. lifted its position in shares of Ormat Technologies by 5.1% in the 4th quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company’s stock worth $295,000 after buying an additional 212 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares during the period. Finally, Versant Capital Management Inc grew its position in shares of Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after buying an additional 229 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors.

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.