Oppenheimer analyst Noah Kaye maintained a Hold rating on Ormat Technologies (NYSE: ORA) today. The company’s shares closed on Friday at $55.98.
Kaye commented:
“We recently met with VP of IR an update on key topics. Focus areas included: (1) updates on Ormat’s Puna, HI power plant restoration and insurance payout; (2) Electricity segment project pipeline mix and pricing trends; (3) efforts to diversify Products markets geographically; and (4) discussion of key initiatives in energy storage development. We see Ormat’s medium-term growth driven by lower-risk expansions in the Electricity portfolio segment, while noting international expansion could be key to achieving management’s target of $600M in FY22 EBITDA. We remain on the sidelines, while noting clarity on Puna impact as a potential catalyst for improved sentiment and multiples.”
According to TipRanks.com, Kaye is a 4-star analyst with an average return of 6.1% and a 57.3% success rate. Kaye covers the Industrial Goods sector, focusing on stocks such as Rockwell Automation Inc, Caterpillar, and BorgWarner.
Currently, the analyst consensus on Ormat Technologies is a Moderate Buy with an average price target of $62.
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Ormat Technologies’ market cap is currently $2.83B and has a P/E ratio of 18. The company has a Price to Book ratio of 2.19.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is negative on the stock.
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Ormat Technologies, Inc. is a holding company, which engages in the geothermal and recovered energy power business. It operates through the Electricity and Products segments.
