Energy sector company Ormat Techno ( ORA - Research Report ) was put under surveillance by Wall Street analysts yesterday. TD Cowen analyst Jeff Osborne remains neutral on the stock and has a $74.00 price target.
Several factors influence Jeff Osborne's Hold rating on Ormat Techno (ORA). The company reported strong year-over-year growth of 18% and revenue of $208 million. Contrary to consensus, this growth was primarily driven by a 64% year-over-year increase in products and a 26% increase in inventory levels. Ormat continues to gain a favorable position in the geothermal energy sector, which is beginning to develop as the level cost of electricity (LCOE) drops and oil and gas companies enter the market, driving investment and technological progress. The current situation in Israel is not expected to cause production delays, although an escalation may occur in the future.
However, Osborne noted that the latest projections for 2023 are down on a number of parameters. FY23 revenues fell to $825-838 million from $823-858 million. Energy revenue was adjusted to $125-130 million from $120-135 million, while product revenue was down to $30-33 million from $33-38 million. The company's product support increased to $192 million, the highest since the second quarter of 2019, supporting Ormat's growth trajectory. In addition, Ormat recently entered into an agreement to acquire a portfolio of assets from Enel Green Power North America, which is expected to close on January 24. will end on February 24. will contribute to the company's MW portfolio. The combination of these factors has led Osborne to issue a Hold rating on Ormat Techno.
In another report published on November 6, Barclays also maintained a Hold rating on the stock with a $82.00 price target.
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Description of Ormat Techno (ORA):
Ormat Technologies, Inc. is a holding company engaged in geothermal and renewable energy supply. The company operates in the following segments: Energy, Products and Other. The Electric Power segment develops, builds, owns and operates geothermal and renewable energy-based power plants in the United States and geothermal power plants in other countries. The Products segment designs, manufactures and sells geothermal and renewable energy generation equipment and district power generators, and provides services related to the planning, procurement, construction, operation and maintenance of geothermal and renewable energy. The Other Segments segment provides energy storage, demand response and energy management services, as well as energy storage, demand response and energy management services. The company was founded in 1965 and is headquartered in Reno, Nevada.
More information about ORA:
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