Roth Capital Has Optimistic Outlook of ORA FY2024 Earnings

Ormat Technologies, Inc. (NYSE:ORA) – Research analysts at Roth Capital raised their FY2024 EPS estimates for Ormat Technologies in a note issued to investors 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 forecast 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.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, February 26th. The energy company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.26. Ormat Technologies had a return on equity of 5.27% and a net margin of 13.33%.

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

Ormat Technologies Stock Performance

Ormat Technologies stock opened at $68.10 on Wednesday. The firm has a market capitalization of $4.12 billion, a P/E ratio of 34.74, a PEG ratio of 3.18 and a beta of 0.57. The stock has a fifty day moving average price of $66.40 and a 200 day moving average price of $73.24. Ormat Technologies has a 52 week low of $59.41 and a 52 week high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in Ormat Technologies by 180.3% during the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after purchasing an additional 229 shares in the last quarter. Versant Capital Management Inc grew its holdings in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Stuart Chaussee & Associates Inc. acquired a new position in Ormat Technologies during the 4th quarter worth $34,000. AlphaQuest LLC grew its holdings in Ormat Technologies by 4,691.7% during the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after acquiring an additional 563 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Ormat Technologies during the 4th quarter worth $66,000. 95.49% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Ormat Technologies

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares of the company’s stock, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction 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. This trade represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Ormat Technologies Company Profile

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.