Ormat Technologies (ORA) Gains As Market Dips: What You Should Know
Ormat Technologies (ORA) closed the most recent trading day at $83.79, moving +0.3% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.7%. Elsewhere, the Dow lost 0.8%, while the tech-heavy Nasdaq lost 1.82%.
Prior to today's trading, shares of the geothermal company had lost 0.42% over the past month. This has was narrower than the Oils-Energy sector's loss of 2.2% and lagged the S&P 500's gain of 0.39% in that time.
Investors will be hoping for strength from Ormat Technologies as it approaches its next earnings release, which is expected to be May 9, 2023. On that day, Ormat Technologies is projected to report earnings of $0.49 per share, which would represent year-over-year growth of 40%. Our most recent consensus estimate is calling for quarterly revenue of $212.39 million, up 15.61% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.88 per share and revenue of $838.13 million, which would represent changes of +15.34% and +14.16%, respectively, from the prior year.
Any recent changes to analyst estimates for Ormat Technologies should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.95% lower. Ormat Technologies is currently a Zacks Rank #3 (Hold).
Valuation is also important, so investors should note that Ormat Technologies has a Forward P/E ratio of 44.34 right now. This represents a premium compared to its industry's average Forward P/E of 25.5.
We can also see that ORA currently has a PEG ratio of 4.43. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Alternative Energy - Other was holding an average PEG ratio of 1.63 at yesterday's closing price.
The Alternative Energy - Other industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 199, which puts it in the bottom 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Ormat Technologies, Inc. (ORA) : Free Stock Analysis Report
