Brokerages expect Ormat Technologies, Inc. (NYSE:ORA) to report $175.78 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Ormat Technologies’ earnings, with estimates ranging from $172.80 million to $179.43 million. Ormat Technologies posted sales of $157.19 million during the same quarter last year, which suggests a positive year-over-year growth rate of 11.8%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, November 6th.
According to Zacks, analysts expect that Ormat Technologies will report full year sales of $711.67 million for the current year, with estimates ranging from $708.81 million to $714.60 million. For the next fiscal year, analysts forecast that the business will report sales of $757.69 million per share, with estimates ranging from $753.10 million to $760.60 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Ormat Technologies.
Ormat Technologies (NYSE:ORA) last released its earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.17). Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. The firm had revenue of $178.30 million for the quarter, compared to analyst estimates of $176.06 million.
ORA has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised Ormat Technologies from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $64.00 to $60.00 in a research report on Thursday, August 9th. Roth Capital set a $67.00 price objective on Ormat Technologies and gave the company a “buy” rating in a report on Sunday, May 20th. Guggenheim downgraded Ormat Technologies from a “buy” rating to a “neutral” rating and set a $72.00 price objective on the stock. in a report on Wednesday, June 13th. TheStreet downgraded Ormat Technologies from a “b-” rating to a “c+” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research raised Ormat Technologies from a “sell” rating to a “hold” rating in a report on Thursday, June 7th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Ormat Technologies currently has an average rating of “Buy” and a consensus target price of $65.67.
ORA stock traded down $0.95 during trading on Wednesday, reaching $55.03. 221,500 shares of the stock were exchanged, compared to its average volume of 232,580. Ormat Technologies has a twelve month low of $45.79 and a twelve month high of $70.68. The company has a market cap of $2.81 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 2.91 and a beta of 1.48. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.68.
The business also recently disclosed a dividend, which was paid on Tuesday, August 21st. Shareholders of record on Tuesday, August 21st were issued a dividend of $0.10 per share. The ex-dividend date was Monday, August 20th. Ormat Technologies’s payout ratio is 13.38%.
In other Ormat Technologies news, VP Erez Klein sold 4,120 shares of Ormat Technologies stock in a transaction that occurred on Friday, June 22nd. The stock was sold at an average price of $54.50, for a total transaction of $224,540.00. Following the sale, the vice president now directly owns 4,120 shares of the company’s stock, valued at $224,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Ormat Technologies by 10.1% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 157,466 shares of the energy company’s stock worth $8,376,000 after acquiring an additional 14,469 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Ormat Technologies by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,543,463 shares of the energy company’s stock worth $87,020,000 after acquiring an additional 59,441 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Ormat Technologies by 36.6% in the 2nd quarter. Bank of Montreal Can now owns 7,668 shares of the energy company’s stock worth $408,000 after acquiring an additional 2,055 shares in the last quarter. Reynders McVeigh Capital Management LLC boosted its holdings in shares of Ormat Technologies by 23.9% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 40,540 shares of the energy company’s stock worth $2,156,000 after acquiring an additional 7,815 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Ormat Technologies in the 1st quarter worth approximately $182,000. 72.88% of the stock is currently owned by institutional investors and hedge funds.
About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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