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Ormat Technologies (NYSE:ORA) Stock, Rapport sur les intérêts à découvert

Ormat Technologies

Ormat Technologies Inc is engaged in the geothermal energy power business. The company is engaged in three business segments: Electricity Segment. where the company develops, builds, owns and operates geothermal, solar PV and recovered energy-based power plants in the United States and geothermal power plants in other countries and sell the electricity generated. Product Segment includes designing, manufacturing and selling equipment for geothermal and recovered energy-based electricity generation and providing services relating to the engineering, procurement and construction of geothermal and recovered energy-based power plants. Energy Storage Segment includes owning and operating grid-connected which provide capacity, energy and ancillary services directly to the electric grid.

Ormat Technologies Inc

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Ormat Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>), a leading geothermal and renewable energy company, today announced it has successfully secured 1,678 acres in Utah's Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat's ongoing operations and development projects in the state, further strengthening the company's commitment to advancing renewable energy solutions and meeting Utah's increasing demand for sustainable energy.
The newly leased acres should allow Ormat to develop two new power plants near our Cove Fort facility in Utah. Exploration work on the first plant (Cove Fort 2) is expected to begin in 2025 and, pending resource availability, we expect the project to achieve a Commercial Operation Date in 2027. The second plant (Cove Fort North) will be developed at a later stage.

News

Ormat Technologies Secured 1,678 Acres In Utah's Bureau Of Land Management Auction To Support Ormat's Ongoing Operations And Development Projects In The State, Further Strengthening The Co's Commitment To Advancing Renewable Energy Solutions And Meeting Utah's Increasing Demand For Sustainable Energy

Piper Sandler analyst Derek Podhaizer initiates coverage on Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Neutral rating and announces Price Target of $78.

Price Target

Initiation

Analyst Ratings

Piper Sandler Initiates Coverage On Ormat Technologies with Neutral Rating, Announces Price Target of $78

Ormat Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) ("Ormat" or the "Company"), a leading geothermal and renewable energy technology company, announced today the pricing of an underwritten secondary offering of 3,700,000 shares of its common stock on behalf of ORIX Corporation. The offering is expected to close on December 13, 2024, subject to customary closing conditions. Ormat is not offering any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.
Goldman Sachs &amp; Co. LLC is acting as the sole book-running manager and underwriter for the offering. The shares of common stock are being sold to the public at an initial price of $76.20 per share. Goldman Sachs &amp; Co. LLC will have a 30-day option to purchase up to an additional 555,000 shares of Ormat's common stock from ORIX Corporation.

Offerings

Reported Earlier, Ormat Selling Stockholder Priced Public Offering of 3.7M Common Stock At $76.20/Share

Contracts

Ormat Technologies Announces Major EPC Contract With Contact Energy For 101MW Valued At ~$200M

Roth MKM analyst Justin Clare reiterates Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Buy and raises the price target from $87 to $92.

Reiteration

Roth MKM Reiterates Buy on Ormat Technologies, Raises Price Target to $92

Oppenheimer analyst Noah Kaye maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Outperform and raises the price target from $86 to $91.

Oppenheimer Maintains Outperform on Ormat Technologies, Raises Price Target to $91

Guidance

Ormat Technologies Sees FY24 Revenue $875M-$893M Vs $892.19M Est.

Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) reported quarterly earnings of $0.42 per share which beat the analyst consensus estimate of $0.31 by 35.48 percent. The company reported quarterly sales of $211.800 million which missed the analyst consensus estimate of $216.790 million by 2.30 percent. This is a 1.80 percent increase over sales of $208.056 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Ormat Technologies Q3 2024 Adj. EPS $0.42 Beats $0.31 Estimate, Sales $211.800M Miss $216.790M Estimate

Ormat Launches Commercial Operation Of 80MW/320MWh Bottleneck Energy Storage Facility In California, Supplying SDG&E Under 15-Year Agreement; Project Eligible For 40% Investment Tax Credit

<ul>
<li>AGREEMENTS SECURE SEVEN YEARS OF FIXED REVENUES &nbsp;</li>
<li>COMBINED WITH RECENTLY ANNOUNCED 100MW/200MWH LOUISA PROJECT, ORMAT TO OWN AND OPERATE 253MW/473MWH BY END OF 2026 IN TEXAS</li>
</ul>
RENO, Nev., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>), a leading renewable energy company, today announced the signing of two seven-year tolling agreements with Equilibrium Energy for the Lower Rio 60MW/120MWh and Bird Dog 60MW/120MWh Energy Storage facilities in Texas. This marks Ormat's first tolling agreements signed in the ERCOT market.
The Lower Rio project is expected to come online in the second quarter of 2025, while the Bird Dog facility is anticipated to be operational in the fourth quarter of 2025. Both projects are entitled to receive a 40% investment tax credit under the Inflation Reduction Act. The tolling agreements secure fixed revenues for the energy and ancillary services provided by the facilities. This enabled Ormat to start construction on the recently announced 100MW/200MWh Louisa project, which is expected to be online by the end of 2026.

Ormat Signs Its First Tolling Agreements In Texas For Two 60MW/120MWH Energy Storage Facilities

Roth MKM analyst Justin Clare maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Buy and maintains $80 price target.

Roth MKM Maintains Buy on Ormat Technologies, Maintains $80 Price Target

Oppenheimer analyst Noah Kaye maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Outperform and raises the price target from $85 to $86.

Oppenheimer Maintains Outperform on Ormat Technologies, Raises Price Target to $86

Ormat Technologies Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ora#NYSE">ORA</a>) reported second-quarter 2024 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line was on par with the year-ago quarter&#39;s reported actuals.
The adjusted earnings benefited from higher revenues and improved margins, offset by higher interest expenses.
The company reported GAAP earnings of 37 cents per share compared with 40 cents in the year-ago quarter.
The year-over-year deterioration can be attributed to after-tax write-offs related to the decommissioning of OREG 4, the Recovered Energy Generation facility and an unsuccessful exploration activity.
<div class="chart_embed">
<h3>Ormat Technologies, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Ormat Technologies, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/e4/1723026768.png" style="height:305px; width:625px" title="" />
Ormat Technologies, Inc. price-consensus-eps-surprise-chart | Ormat Technologies, Inc. Quote
</div>
<h3>Revenues</h3>
ORA generated revenues of $213 million, which beat the Zacks Consensus Estimate by 0.9%. The top line also rose 9.3% year over year, driven by higher revenues from all three of its segments.
<h3>Segmental Revenues</h3>
Electricity: Revenues in this segment amounted to $166.2 million, up 7% year over year. This upside was primarily driven by revenue contributions from its newly acquired Enel assets, a step up in operating performance and power generation at Puna, and the resumption of Heber 1 operations.
Product: This segment&#39;s revenues improved a solid 13.1% to reach $37.8 million from the year-ago quarter&#39;s level. The improvement can be attributed to a higher backlog, enhanced revenue recognition and increased profitability from ORA&#39;s contracts.
Energy: Revenues in this division amounted to $8.9 million, up 48.1% from the prior-year quarter&#39;s figure. This was driven by improved prices from the company&#39;s Pomona 2 tolling agreement, combined with higher merchant prices.
<h3>Operational Update</h3>
Ormat&#39;s total operating expenses were $26.3 million, which increased 3.9% from the year-ago quarter&#39;s level.
The operating income rose 45% year over year to $35.1 million.
The total cost of revenues was $151.6 million, up 4.3% year over year.
Net interest expenses were $33.7 million, up 38.2% year over year.
<h3>Financial Condition</h3>
ORA had cash and cash equivalents of $66.3 million as of Jun 30, 2024, compared with $195.8 million as of Dec 31, 2023.
<h3>2024 Guidance</h3>
The company updated its guidance for 2024. It now expects to generate revenues in the range of $875-$910 million, narrower than the prior guidance of $860-$910 million. The Zacks Consensus Estimate for revenues is pegged at $881.9 million, lower than the mid-point of the newly guided range.
Revenues for the Electricity segment are now anticipated to be in the band of $710-$720 million compared with the prior expectation of $710-$730 million. Product segment revenues are now expected to be in the range of $130-$145 million compared with the earlier projection of $115-$135 million. ORA continues to expect revenues from the Energy Storage segment between $35 million and $45 million.
The annual adjusted EBITDA is projected to be in the band of $520-$550 million, up from the prior guidance of $515-$545 million.
<h3>Zacks Rank</h3>
Ormat currently carries a Zacks Rank #3 (Hold).
<h3>Recent Sector Releases</h3>
Enphase Energy, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enph#NASDAQ">ENPH</a>) reported second-quarter 2024 adjusted earnings of 43 cents per share, highlighting a 70.7% decline from $1.47 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 49 cents by 12.2%.
Enphase Energy&#39;s second-quarter revenues of $303.5 million missed the Zacks Consensus Estimate of $314 million by 1.8%. The top line also declined 57.3% from the prior-year quarter&#39;s reported figure of $711.1 million.
Plains All American Pipeline, L.P. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/paa#NASDAQ">PAA</a>) reported second-quarter 2024 adjusted earnings of 31 cents per unit, which missed the Zacks Consensus Estimate of 33 cents by 6.1%. However, the bottom line improved 24% from 25 cents in the year-ago quarter.
Net sales of $12.93 billion beat the Zacks Consensus Estimate of $12.91 billion by 0.2%. The top line also increased 11.5% from the year-ago quarter&#39;s figure of $11.6 billion.
NextEra Energy Partners, LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nep#NYSE">NEP</a>) recorded second-quarter 2024 operating earnings of 66 cents per unit, which missed the Zacks Consensus Estimate of 70 cents by 5.7%.
The Zacks Consensus Estimate for 2024 earnings is pegged at $1.81 per share, which implies a year-over-year increase of 432.4%. The Zacks Consensus Estimate for sales is pegged at $1.25 billion.
<a href="https://www.zacks.com/stock/news/2318211/ormat-ora-q2-earnings-beat-estimates-revenues-rise-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318211">To read this article on Zacks.com click here.</a>

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Ormat Q2 Earnings Beat Estimates, Revenues Rise Y/Y

<ul>
<li>
2024&nbsp;GUIDANCE
</li>
<li>Electricity segment revenues between&nbsp;$710 million&nbsp;and&nbsp;$720 million.</li>
<li>Product segment revenues of between&nbsp;$130 million&nbsp;and&nbsp;$145 million.</li>
<li>Energy Storage segment revenues of between&nbsp;$35 million&nbsp;and&nbsp;$45 million.</li>
<li>Adjusted EBITDA to be between&nbsp;$520 million&nbsp;and&nbsp;$550 million.
<ul>
<li>Adjusted EBITDA attributable to minority interest of approximately&nbsp;$20 million.</li>
</ul>
</li>
</ul>

Ormat Technologies Revises FY24 Total Revenues Forecast From $860M - $910M To $875M - $910M, Est $893.157M

Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) reported quarterly earnings of $0.40 per share which beat the analyst consensus estimate of $0.37 by 8.11 percent. The company reported quarterly sales of $212.963 million which missed the analyst consensus estimate of $214.136 million by 0.55 percent. This is a 9.33 percent increase over sales of $194.796 million the same period last year.

Ormat Technologies Q2 2024 Adj. EPS $0.40 Beats $0.37 Estimate, Sales $212.963M Miss $214.136M Estimate

Ormat Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>), a leading renewable energy company, today announced the signing of a 15-year Resource Adequacy Purchase and Sale Agreement (RA Agreement) with the City of Riverside for the 80MW/320MWh Shirk Battery Energy Storage System (BESS) located in Visalia, California.

Ormat Secures 15-Year Resource Adequacy Purchase And Sale Agreement With The City Of Riverside For The 80MW/320MWh Shirk Battery Energy Storage System Located In Visalia, California.

JP Morgan analyst Mark Strouse maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Neutral and raises the price target from $69 to $75.

JP Morgan Maintains Neutral on Ormat Technologies, Raises Price Target to $75

Oppenheimer analyst Noah Kaye maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Outperform and raises the price target from $83 to $85.

Oppenheimer Maintains Outperform on Ormat Technologies, Raises Price Target to $85

As of June 3, 2024, three stocks in the utilities sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pr</a>o. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">Ormat Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>)</h3>
<ul>
<li>On May 8, Ormat Technologies posted better-than-expected first-quarter financial results. &#8220;During the first quarter of 2024, Ormat delivered exceptional growth, driving a 21.0% increase in total revenue, a 25.5% rise in earnings per diluted share, and a 14.4% increase in Adjusted EBITDA, supported by our strong performance across all segments,&#8221; said Doron Blachar, Chief Executive Officer of Ormat Technologies. The company's stock gained around 12% over the past month and has a <a href="https://www.benzinga.com/quote/ORA">52-week high of $88.26</a>.</li>
<li>RSI Value: 73.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>ORA Price Action: Shares of Ormat Technologies rose 0.2% to close at $75.40 on Friday.</li>
</ul>
<h3 class="wp-block-heading">The AES Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>)</h3>
<ul>
<li>On May 2, AES posted better-than-expected quarterly earnings. &#8220;We had a strong first quarter, financially and strategically, in line with our expectations.  During the quarter, we signed 1 GW of long-term contracts for renewables with Amazon, for a total of 3.1 GW since 2021, making AES one of the largest renewables developers in Amazon&#8217;s portfolio,&#8221; said Andrés Gluski, AES President and Chief Executive Officer. The company's stock gained around 16% over the past month and <a href="https://www.benzinga.com/quote/AES">has a 52-week high</a> of $22.60.</li>
<li>RSI Value: 73.44</li>
<li>AES Price Action: Shares of AES fell 0.8% to close at $21.59 on Friday.</li>
</ul>
<h3 class="wp-block-heading">NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>)</h3>
<ul>
<li>On May 28, Morgan Stanley analyst David Arcaro maintained NextEra Energy with an Overweight and raised the price target from $79 to $83. The company's stock gained around 14% over the past month and has a <a href="https://www.benzinga.com/quote/NEE">52-week high</a> of $80.47.</li>
<li>RSI Value: 74.36</li>
<li>NEE Price Action: Shares of NextEra Energy gained 2.3% to close at $80.02 on Friday.</li>
</ul>
Read More: <a href="https://www.benzinga.com/news/earnings/24/06/39130379/science-applications-international-autodesk-and-3-stocks-to-watch-heading-into-monday">Science Applications International, Autodesk And 3 Stocks To Watch Heading Into Monday</a>

Short Ideas

Pre-Market Outlook

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UBS analyst Jon Windham maintains Ormat Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORA#NYSE">ORA</a>) with a Buy and raises the price target from $95 to $100.

UBS Maintains Buy on Ormat Technologies, Raises Price Target to $100

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Ormat Technologies (ORA) announced it has successfully secured 1,678 acres in Utah's Bureau of Land Management, BLM, Auction. These lease acquisiti...

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