Shares of Ormat Technologies, Inc. (NYSE:ORA) traded down 9.6% on Tuesday following a dissappointing earnings announcement. The stock traded as low as $49.01 and last traded at $49.51. 623,371 shares changed hands during trading, an increase of 172% from the average session volume of 229,287 shares. The stock had previously closed at $54.75.
The energy company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.13). The company had revenue of $166.50 million during the quarter, compared to analyst estimates of $172.97 million. Ormat Technologies had a net margin of 18.88% and a return on equity of 9.60%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 earnings per share.
Several analysts have recently issued reports on the company. ValuEngine upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Zacks Investment Research raised Ormat Technologies from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Wednesday, July 18th. TheStreet lowered Ormat Technologies from a “b-” rating to a “c+” rating in a report on Thursday, August 9th. Finally, JPMorgan Chase & Co. raised Ormat Technologies from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $64.00 to $60.00 in a report on Thursday, August 9th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $64.80.
In related news, EVP Bob Sullivan sold 20,329 shares of the stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $56.94, for a total value of $1,157,533.26. Following the transaction, the executive vice president now owns 23,329 shares of the company’s stock, valued at $1,328,353.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.
A number of large investors have recently bought and sold shares of ORA. Bank of New York Mellon Corp grew its holdings in shares of Ormat Technologies by 1.0% during the second quarter. Bank of New York Mellon Corp now owns 259,457 shares of the energy company’s stock worth $13,801,000 after purchasing an additional 2,484 shares during the last quarter. Bridge Creek Capital Management LLC grew its holdings in shares of Ormat Technologies by 5.3% during the third quarter. Bridge Creek Capital Management LLC now owns 39,558 shares of the energy company’s stock worth $2,140,000 after purchasing an additional 1,990 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Ormat Technologies by 10.1% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 157,466 shares of the energy company’s stock worth $8,376,000 after purchasing an additional 14,469 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Ormat Technologies by 1.4% during the second quarter. Van ECK Associates Corp now owns 392,020 shares of the energy company’s stock worth $20,852,000 after purchasing an additional 5,519 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its holdings in shares of Ormat Technologies by 3.7% during the second quarter. Glenmede Trust Co. NA now owns 517,197 shares of the energy company’s stock worth $27,510,000 after purchasing an additional 18,505 shares during the last quarter. 72.70% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market capitalization of $2.70 billion, a PE ratio of 16.56, a PEG ratio of 2.83 and a beta of 1.46. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.68.
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About Ormat Technologies (NYSE:ORA)
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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