Ormat Technologies (NYSE:ORA) Issues Quarterly Earnings Results, Beats Expectations By $0.26 EPS

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

Ormat Technologies Stock Down 0.6 %

NYSE:ORA traded down $0.41 during trading hours on Wednesday, hitting $68.10. 662,275 shares of the company traded hands, compared to its average volume of 534,147. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a market cap of $4.12 billion, a PE ratio of 34.74, a PEG ratio of 3.18 and a beta of 0.57. The firm’s 50-day simple moving average is $66.38 and its 200-day simple moving average is $73.27.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the stock in a transaction dated 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 in the company, valued at approximately $293,232. This trade represents a 25.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

About Ormat Technologies

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.