Ormat Technologies (ORA) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Ormat Technologies (NYSE:ORA) from a buy rating to a hold rating in a report issued on Wednesday.
According to Zacks, “ORMAT brings three decades of experience in the development, manufacture, and marketing of innovative power systems. ORMAT Energy Converter units, combined into modular power plants; use locally available heat sources, including geothermal energy (steam and hot water), recovered energy generation, solar energy, biomass, and low grade fuels. “
Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. boosted their price objective on shares of Ormat Technologies from $72.00 to $75.00 and gave the stock an overweight rating in a research note on Thursday, January 25th. TheStreet raised shares of Ormat Technologies from a c+ rating to a b- rating in a research note on Monday, November 13th. Roth Capital set a $70.00 price objective on shares of Ormat Technologies and gave the stock a buy rating in a research note on Monday, November 13th. Cowen reissued a buy rating and set a $75.00 price objective on shares of Ormat Technologies in a research note on Wednesday, January 24th. Finally, Guggenheim began coverage on shares of Ormat Technologies in a research note on Monday, January 8th. They set a buy rating and a $72.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average price target of $71.14.
Large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in Ormat Technologies by 1.7% during the second quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock worth $117,000 after acquiring an additional 34 shares in the last quarter. Advisor Group Inc. boosted its stake in Ormat Technologies by 153.2% during the second quarter. Advisor Group Inc. now owns 2,302 shares of the energy company’s stock worth $135,000 after acquiring an additional 1,393 shares in the last quarter. Psagot Investment House Ltd. boosted its stake in Ormat Technologies by 1.6% during the second quarter. Psagot Investment House Ltd. now owns 2,661 shares of the energy company’s stock worth $156,000 after acquiring an additional 43 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Ormat Technologies by 43.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,614 shares of the energy company’s stock worth $167,000 after acquiring an additional 791 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC bought a new stake in Ormat Technologies during the fourth quarter worth about $230,000. 46.40% of the stock is currently owned by institutional investors and hedge funds.
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Ormat Technologies Company Profile
Ormat Technologies, Inc is engaged in the geothermal and recovered energy power business. The Company designs, develops, builds, owns and operates geothermal and recovered energy-based power plants. Its equipment manufacturing operations are located in Israel. It conducts its business activities in two business segments: Electricity segment and Product segment.
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