Ormat Technologies (NYSE:ORA) released its quarterly earnings data on Tuesday. The energy company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.13), Morningstar.com reports. The company had revenue of $166.50 million for the quarter, compared to analyst estimates of $172.97 million. Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. Ormat Technologies’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. Ormat Technologies updated its FY 2018 guidance to EPS.
ORA stock traded down $5.20 during trading on Tuesday, reaching $49.55. 5,840 shares of the company were exchanged, compared to its average volume of 163,394. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 16.64, a P/E/G ratio of 2.83 and a beta of 1.46. Ormat Technologies has a twelve month low of $45.79 and a twelve month high of $70.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.16 and a quick ratio of 1.05.
In other Ormat Technologies news, EVP Bob Sullivan sold 20,329 shares of the company’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $56.94, for a total value of $1,157,533.26. Following the completion of the transaction, the executive vice president now directly owns 23,329 shares in the company, valued at approximately $1,328,353.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in Ormat Technologies by 6.1% in the 1st quarter. Principal Financial Group Inc. now owns 16,849 shares of the energy company’s stock valued at $950,000 after acquiring an additional 976 shares during the period. Penn Capital Management Co. Inc. increased its position in Ormat Technologies by 2.7% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 44,562 shares of the energy company’s stock valued at $2,463,000 after acquiring an additional 1,159 shares during the period. Rhumbline Advisers increased its position in Ormat Technologies by 3.3% in the 2nd quarter. Rhumbline Advisers now owns 41,048 shares of the energy company’s stock valued at $2,183,000 after acquiring an additional 1,307 shares during the period. Xact Kapitalforvaltning AB increased its position in Ormat Technologies by 37.7% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 6,944 shares of the energy company’s stock valued at $369,000 after acquiring an additional 1,900 shares during the period. Finally, Bridge Creek Capital Management LLC increased its position in Ormat Technologies by 5.3% in the 3rd quarter. Bridge Creek Capital Management LLC now owns 39,558 shares of the energy company’s stock valued at $2,140,000 after acquiring an additional 1,990 shares during the period. Hedge funds and other institutional investors own 72.70% of the company’s stock.
A number of research firms recently issued reports on ORA. ValuEngine upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. TheStreet cut shares of Ormat Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 9th. Finally, JPMorgan Chase & Co. upgraded shares of Ormat Technologies from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $64.00 to $60.00 in a research report on Thursday, August 9th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $64.80.
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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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