Ormat Technologies Received its Third Buy in a Row

By Jason Carr

After Cowen & Co. and Oppenheimer assigned a Buy rating to Ormat Technologies in the last month, the company received another Buy, this time from Roth Capital. Analyst Gerry Sweeney reiterated a Buy rating on Ormat Technologies (NYSE: ORA) yesterday and set a price target of $70. The company’s shares closed yesterday at $62.26.

According to TipRanks.com, Sweeney is a 2-star analyst with an average return of 0.9% and a 52.1% success rate. Sweeney covers the Utilities sector, focusing on stocks such as Nuverra Environmental Solutions Inc, Global Water Resources Inc, and Connecticut Water Service.

Currently, the analyst consensus on Ormat Technologies is Strong Buy and the average price target is $65.75, representing a 5.6% upside.

In a report issued on November 9, Oppenheimer also reiterated a Buy rating on the stock with a $70 price target.

The company has a one-year high of $65.91 and a one-year low of $45.67. Currently, Ormat Technologies has an average volume of 181.4K.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. Last month, Shlomi Argas, the Executive V.P., Projects of ORA sold 22,444 shares for a total of $1,372,002.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Ormat Technologies, Inc. is a holding company, which engages in the provision of renewable energy. It operates through the Electricity and Products segments. The Electricity segment develops and installs geothermal power plants.