Ormat Technologies, Inc. (NYSE:ORA)’s share price fell 9.6% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $49.01 and last traded at $49.51. 623,371 shares were traded during mid-day 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 analysts’ consensus estimates of $0.44 by ($0.13). The company had revenue of $166.50 million during the quarter, compared to analysts’ expectations of $172.97 million. Ormat Technologies had a net margin of 18.88% and a return on equity of 9.60%. Ormat Technologies’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.42 earnings per share.
A number of research firms have recently issued reports on ORA. ValuEngine upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. Zacks Investment Research upgraded Ormat Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. TheStreet lowered Ormat Technologies from a “b-” rating to a “c+” rating in a research report on Thursday, August 9th. Finally, JPMorgan Chase & Co. upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and dropped their price target for the company 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 given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $64.80.
In related news, EVP Bob Sullivan sold 20,329 shares of the company’s stock in a transaction that occurred 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 directly owns 23,329 shares in the company, valued at $1,328,353.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its stake in Ormat Technologies by 6.1% during the first quarter. Principal Financial Group Inc. now owns 16,849 shares of the energy company’s stock worth $950,000 after purchasing an additional 976 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Ormat Technologies during the first quarter worth $182,000. Royal Bank of Canada lifted its stake in Ormat Technologies by 103.6% during the first quarter. Royal Bank of Canada now owns 5,445 shares of the energy company’s stock worth $307,000 after purchasing an additional 2,771 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in Ormat Technologies by 37.7% during the second quarter. Xact Kapitalforvaltning AB now owns 6,944 shares of the energy company’s stock worth $369,000 after purchasing an additional 1,900 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Ormat Technologies by 36.6% during the second quarter. Bank of Montreal Can now owns 7,668 shares of the energy company’s stock worth $408,000 after purchasing an additional 2,055 shares in the last quarter. Hedge funds and other institutional investors own 72.70% of the company’s stock.
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 company has a market capitalization of $2.70 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.83 and a beta of 1.46.
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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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