Brokerages expect Ormat Technologies, Inc. (NYSE:ORA) to announce $160.52 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Ormat Technologies’ earnings, with the highest sales estimate coming in at $163.80 million and the lowest estimate coming in at $156.10 million. Ormat Technologies reported sales of $184.62 million in the same quarter last year, which indicates a negative year over year growth rate of 13.1%. The company is expected to issue its next earnings report after the market closes on Tuesday, November 7th.
According to Zacks, analysts expect that Ormat Technologies will report full year sales of $160.52 million for the current financial year, with estimates ranging from $692.40 million to $695.36 million. For the next year, analysts forecast that the business will report sales of $732.20 million per share, with estimates ranging from $727.00 million to $737.39 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Ormat Technologies.
Ormat Technologies (NYSE:ORA) last posted its earnings results on Thursday, August 3rd. The energy company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The firm had revenue of $179.36 million during the quarter, compared to analysts’ expectations of $169.80 million. Ormat Technologies had a return on equity of 10.25% and a net margin of 15.36%. The firm’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.
ORA has been the topic of several recent analyst reports. Cowen and Company set a $67.00 price objective on shares of Ormat Technologies and gave the company a “buy” rating in a research report on Friday, August 18th. BidaskClub cut shares of Ormat Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, July 6th. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Thursday, October 5th. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $70.00 price objective (up previously from $65.00) on shares of Ormat Technologies in a research report on Wednesday, September 27th. Finally, TheStreet cut shares of Ormat Technologies from a “b” rating to a “c+” rating in a research report on Monday, August 14th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Ormat Technologies currently has a consensus rating of “Buy” and a consensus target price of $66.38.
In other Ormat Technologies news, CEO Isaac Angel sold 150,000 shares of Ormat Technologies 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bob Sullivan sold 9,890 shares of Ormat Technologies stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $62.89, for a total transaction of $621,982.10. Following the transaction, the executive vice president now directly owns 9,890 shares of the company’s stock, valued at $621,982.10. The disclosure for this sale can be found here. Insiders sold 11,117,987 shares of company stock worth $633,935,753 in the last 90 days. 14.74% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. UBS Asset Management Americas Inc. boosted its stake in Ormat Technologies by 45.8% during the first quarter. UBS Asset Management Americas Inc. now owns 16,671 shares of the energy company’s stock worth $952,000 after buying an additional 5,233 shares during the period. BNP Paribas Arbitrage SA boosted its stake in Ormat Technologies by 108.0% during the second quarter. BNP Paribas Arbitrage SA now owns 12,425 shares of the energy company’s stock worth $729,000 after buying an additional 6,452 shares during the period. BlackRock Inc. boosted its stake in Ormat Technologies by 6,068.3% during the first quarter. BlackRock Inc. now owns 2,473,872 shares of the energy company’s stock worth $141,210,000 after buying an additional 2,433,766 shares during the period. US Bancorp DE boosted its stake in Ormat Technologies by 33.6% during the first quarter. US Bancorp DE now owns 2,169 shares of the energy company’s stock worth $124,000 after buying an additional 545 shares during the period. Finally, Oxford Asset Management purchased a new position in Ormat Technologies during the first quarter worth $281,000. 46.41% of the stock is owned by institutional investors.
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Ormat Technologies (ORA) traded down 0.65% on Monday, reaching $64.44. The company’s stock had a trading volume of 126,940 shares. Ormat Technologies has a 52 week low of $45.30 and a 52 week high of $65.22. The firm’s 50 day moving average price is $59.76 and its 200-day moving average price is $58.58. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 29.40 and a beta of 1.22.
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.
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