Ormat Technologies (ORA) is Downgraded by JP Morgan to Neutral

Ormat Technologies (ORA) was Downgraded by JP Morgan to ” Neutral”. Earlier the firm had a rating of “Overweight ” on the company shares. JP Morgan advised their investors in a research report released on May 6, 2016.

On the company’s financial health, Ormat Technologies reported $0.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.24 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.35. The company had revenue of $151.60 million for the quarter, compared to analysts expectations of $138.37 million. The company’s revenue was up 26.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Ormat Technologies opened for trading at $42.97 and hit $43.68 on the upside on Wednesday, eventually ending the session at $43.41, with a gain of 0.65% or 0.28 points. The heightened volatility saw the trading volume jump to 1,35,751 shares. Company has a market cap of $2,132 M.

In a different news, on Apr 13, 2016, Doron Blachar (CFO) sold 3,613 shares at $40.85 per share price. According to the SEC, on Mar 30, 2016, Bob Sullivan (EVP Sales Marketing BD) sold 1,900 shares at $40.29 per share price. On Mar 16, 2016, Robert Eugene Joyal (director) sold 15,000 shares at $39.56 per share price, according to the Form-4 filing with the securities and exchange commission.

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 various countries including the United States of America Kenya and Guatemala. The company’s equipment manufacturing operations are located in Israel. The Company conducts its business activities in two business segments: Electricity Segment and Product Segment. The Product Segment designs manufactures and sells equipment for geothermal and recovered energy-based electricity generation remote power units and other power generating units and provide services relating to the engineering procurement construction operation and maintenance of geothermal and recovered energy-based power plants. The Company’s customers include Southern California Edison Sierra Pacific Power Company Nevada Power Company HELCO and SCPPA.

Ormat Technologies

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