Ormat Technologies, Inc. engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guadeloupe, Guatemala, Ethiopia, New Zealand, Honduras, and internationally. The company operates through three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity. The Product segment designs, manufactures, and sells equipment for geothermal, recovered energy-based electricity generation, and remote power units, such as fossil fuel powered turbo-generators and heavy duty direct-current generators. This segment also provides services relating to the engineering, procurement, construction, operation, and maintenance of geothermal and recovered energy-based power plants. The Product segment serves contractors; developers, owners, and operators of geothermal power plants; and owners and operators of interstate natural gas pipelines, gas processing plants, and cement plants, as well as companies in other energy-intensive industrial processes. The Energy Storage segment offers energy storage and related services, as well as services relating to the engineering, procurement, construction, operation, and maintenance of energy storage units. Ormat Technologies, Inc. was founded in 1965 and is based in Reno, Nevada.
IPO Year: 2004
Exchange: NYSE
Website: ormat.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 1/10/2025 | $73.00 | Hold | Jefferies |
| 12/19/2024 | $78.00 | Neutral | Piper Sandler |
| 5/10/2024 | $70.00 → $76.00 | Hold | TD Cowen |
| 2/23/2024 | $74.00 → $70.00 | Market Perform | TD Cowen |
| 8/7/2023 | $92.00 | Neutral → Buy | ROTH MKM |
| 5/22/2023 | $89.00 | Equal Weight | Barclays |
| 3/1/2023 | $103.00 → $105.00 | Neutral → Buy | UBS |
| 11/22/2022 | $92.00 | Neutral | BofA Securities |
| 10/21/2022 | $91.00 | Neutral | Citigroup |
| 2/25/2022 | $86.00 → $85.00 | Outperform | Oppenheimer |
RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- In a release issued earlier today by Ormat Technologies Inc. (NYSE:ORA), please note the original headline read "20MW/120MWH" when it should have read "20MW/20MWH." This error was introduced by GlobeNewswire. The corrected release follows: Ormat Commences Commercial Operation of Montague Energy Storage Facility, Delivering 20MW/20MWh of Energy Storage Capacity to the PJM Market Ormat Technologies Inc. (NYSE:ORA) ("Ormat" or the "Company"), a leading geothermal and renewable energy technology company, announced today the successful commencement of commercial operations for its Montague energy storage facility. This 20MW/20MWh Battery Energy St
RENO, Nev., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA) ("Ormat" or the "Company"), a leading geothermal and renewable energy technology company, announced today the successful commencement of commercial operations for its Montague energy storage facility. This 20MW/20MWh Battery Energy Storage System (BESS), located in New Jersey, will provide ancillary services on the merchant market to PJM. The Montague project, which is expected to be eligible for a 30% Investment Tax Credit, represents Ormat's continued commitment to strategically growing its Energy Storage segment in key U.S. markets. With the addition of Montague, Ormat's total capacity in the PJM mar
RENO, Nev., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), 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 20
RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) ("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 & Co. LLC is acting as the sole book-running manager and underwriter for the offering. The
RENO, Nev., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) ("Ormat" or the "Company"), a leading geothermal and renewable energy technology company, announced today the commencement of an underwritten secondary offering of an aggregate of 3,700,000 shares of its common stock on behalf of ORIX Corporation. 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 & Co. LLC is acting as the sole book-running manager and underwriter for the offering. Goldman Sachs & Co. LLC will have a 30-day option to purchase up to an additio
RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading geothermal and renewable energy technology company, today announced that it has reached an understanding with Contact Energy to sign an Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 101MW geothermal power plant in New Zealand. The EPC contract, valued at approximately $200 million, is expected to be signed following the approval received today by Contact Energy's Board of Directors. Te Mihi Stage 2 geothermal power plant is expected to be completed by mid-2027. This significant agreement marks Ormat's fourth large project in New Zealand curren
RENO, Nev., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, today announced the successful deal to transfer investment tax credits (ITCs) from the 80MW/320MWh Bottleneck Project to third party. This transaction, which was facilitated under the Inflation Reduction Act (IRA), represents a significant achievement in our goal to collect up to $152 million in cash tax benefits this year. The gross proceeds from this transaction were priced at $0.93 per dollar. After deducting the buyer's broker and legal fees, the net proceeds from the transaction amounted to approximately $46.7 million. Doron Blachar, Chief Executive Officer of Ormat
REVENUE AND ADJUSTED EBITDA GROWTH HIGHLIGHT CONTINUED PROGRESS TOWARDS ACHIEVING GROWTH TARGETS HIGHLIGHTS ELECTRICITY SEGMENT REVENUES AND ADJUSTED EBITDA INCREASE DRIVEN BY SOLID OPERATIONAL EXECUTION AND A STRATEGICALLY EXPANDED GENERATION PORTFOLIOCOMPANY NARROWS ITS FULL YEAR REVENUE GUIDANCE AND INCREASES ITS FULL YEAR ADJUSTED EBITDA GUIDANCE, FOLLOWING STRONG THIRD QUARTER RESULTSCOMPANY ANNOUNCED IN OCTOBER THE COMMERCIAL OPERATION OF ITS LARGEST STORAGE PROJECT TO DATE AND PLANS TO COMPLETE THE PROJECT'S INVESTMENT TAX CREDIT TRANSFER BY END OF YEAR RENO, Nev., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today ann
RENO, Nev., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, announces the successful commencement of commercial operations for its largest energy storage facility, the Bottleneck project. This 80MW/320MWh Battery Energy Storage System (BESS), located in the Central Valley of California, will provide energy, capacity, and ancillary services to San Diego Gas & Electric (SDG&E) under a 15-year Power Purchase Agreement (also known as a Tolling Agreement) signed in 2022. The Bottleneck project is expected to be eligible for a 40% Investment Tax Credit, which the Company plans to monetize by the end of the year. The project repre
RENO, Nev., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, today announced it has successfully secured multiple land parcels in Nevada's Annual Bureau of Land Management (BLM) Auction. These lease acquisitions will significantly support Ormat's ongoing exploration and expansion efforts in the state, further strengthening the company's commitment to advancing renewable energy solutions and meeting Nevada's increasing demand for sustainable energy. The newly leased parcels hold substantial potential for geothermal energy production including a new greenfield prospect, an expansion opportunity for an existing operational asset, and s
RENO, Nev., June 03, 2022 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) ("Ormat," the "Company," "we" or "us") today announced the election at its annual meeting of stockholders, held on June 2, 2022, of Michal Marom and Karin Corfee to the Company's Board of Directors, effective immediately. Ms. Marom will also serve as the Chair of the Audit Committee and a member of the Compensation Committee. Ms. Marom and Ms. Corfee will replace the departing Board members Dan Falk and Albertus Bruggink, respectively. With these new additions, one third of Ormat's Board of Directors will be represented by women. Ms. Marom joins Ormat's Board of Directors having served in numerous senior exe
Not for distribution to United States newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, in or into the United States.VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Gstaad Capital Corp. (the "Company") (TSXV:GTD) is pleased to announce that it has entered into a letter of intent, dated effective November 29, 2021 (the "LOI") with LuxHygenix Inc. ("LuxHygenix"), an arms-length privately held Delaware corporation. The LOI sets out the general terms and conditions pursuant to which the Company will acquire all of the issued and outstanding securities and convertible notes of LuxHygenix in exchange for securities of the Co
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Jefferies initiated coverage of Ormat Tech with a rating of Hold and set a new price target of $73.00
Piper Sandler initiated coverage of Ormat Tech with a rating of Neutral and set a new price target of $78.00
TD Cowen reiterated coverage of Ormat Tech with a rating of Hold and set a new price target of $76.00 from $70.00 previously
TD Cowen reiterated coverage of Ormat Tech with a rating of Market Perform and set a new price target of $70.00 from $74.00 previously
ROTH MKM upgraded Ormat Tech from Neutral to Buy and set a new price target of $92.00
Barclays initiated coverage of Ormat Tech with a rating of Equal Weight and set a new price target of $89.00
UBS upgraded Ormat Tech from Neutral to Buy and set a new price target of $105.00 from $103.00 previously
BofA Securities resumed coverage of Ormat Tech with a rating of Neutral and set a new price target of $92.00
Citigroup initiated coverage of Ormat Tech with a rating of Neutral and set a new price target of $91.00
Oppenheimer reiterated coverage of Ormat Technologies with a rating of Outperform and set a new price target of $85.00 from $86.00 previously
REVENUE AND ADJUSTED EBITDA GROWTH HIGHLIGHT CONTINUED PROGRESS TOWARDS ACHIEVING GROWTH TARGETS HIGHLIGHTS ELECTRICITY SEGMENT REVENUES AND ADJUSTED EBITDA INCREASE DRIVEN BY SOLID OPERATIONAL EXECUTION AND A STRATEGICALLY EXPANDED GENERATION PORTFOLIOCOMPANY NARROWS ITS FULL YEAR REVENUE GUIDANCE AND INCREASES ITS FULL YEAR ADJUSTED EBITDA GUIDANCE, FOLLOWING STRONG THIRD QUARTER RESULTSCOMPANY ANNOUNCED IN OCTOBER THE COMMERCIAL OPERATION OF ITS LARGEST STORAGE PROJECT TO DATE AND PLANS TO COMPLETE THE PROJECT'S INVESTMENT TAX CREDIT TRANSFER BY END OF YEAR RENO, Nev., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today ann
RENO, Nev., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today announced that it plans to publish its third quarter financial results in a press release that will be issued on Wednesday, November 6, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on Thursday, November 7, 2024. To join the call, please dial +1-646-960-0440, approximately 15 minutes prior to the scheduled start of the call. The access code for the call is 2705841. Please request the "Ormat Technologies, Inc. call" when prompted by the conference call operator. The
HIGHLIGHTS TOTAL REVENUES FOR THE SECOND QUARTER INCREASED BY 9.3% YEAR-OVER-YEAR, WITH GROWTH REALIZED ACROSS ALL THREE OPERATING SEGMENTSINCREASED PROFITABILITY IN ALL SEGMENTS DROVE A 45% INCREASE IN OPERATING INCOME AND A 25% INCREASE IN ADJUSTED EBITDAINCREASE IN FULL YEAR EBITDA GUIDANCE RANGE, DEMONSTRATING STRONG EXECUTION AND CONFIDENCE IN THE COMPANY'S FORWARD OUTLOOK RENO, Nev., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today announced financial results for the second quarter ended June 30, 2024. KEY FINANCIAL RESULTS Q2 2024Q2 2023Change (%)H1 2024H1 2023Change (%)GAAP Measures Revenues ($ millions)
RENO, Nev., July 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, today announced that it plans to publish its second quarter financial results in a press release that will be issued on Tuesday, August 6, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 9:00 a.m. ET on, August 7, 2024. Participants within the United States and Canada, please dial 1-888-770-2286, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9122486
HIGHLIGHTS TOTAL REVENUES FOR THE FIRST QUARTER INCREASED BY 21.0% YEAR-OVER-YEAR, WITH GROWTH ACROSS ALL THREE OPERATING SEGMENTSRECORD QUARTERLY ELECTRICITY SEGMENT REVENUES OF $191.3 MILLION, LED BY STRATEGIC PORTFOLIO EXPANSIONS AND IMPROVED OPERATIONAL PERFORMANCECOMPANY REITERATES ITS FULL YEAR REVENUE AND EBITDA GUIDANCE, DEMONSTRATING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS'S OUTLOOK RENO, Nev., May 08, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today announced financial results for the first quarter ended March 31, 2024. KEY FINANCIAL RESULTS (Dollars in millions, except per share) Q1 2024 Q1 2023 Change (%) GAA
RENO, Nev., April 09, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, today announced that it plans to publish its first quarter financial results in a press release that will be issued on Wednesday, May 8, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on, May 9, 2024. Participants within the United States and Canada, please dial 1-888-770-2286, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9122486. P
DELIVERED A 77.8% INCREASE IN ANNUAL DILUTED EPS AND A 25.0% INCREASE IN ANNUAL ADJUSTED DILUTED EPS COMPARED TO PRIOR YEAR COMPANY ON TRACK TO MEET 2026 GENERATING CAPACITY GOALS OF 2.1 TO 2.3 GW HIGHLIGHTS TOTAL REVENUES FOR THE FOURTH QUARTER INCREASED BY 17.4% YEAR-OVER-YEAR DRIVEN BY GROWTH IN BOTH THE ELECTRICITY AND PRODUCT SEGMENTSOPERATING INCOME INCREASED BY 70.8% FOR THE FOURTH QUARTER AND 9.0% FOR THE FULL YEAR COMPARED TO 2022ORMAT ANNOUNCES FULL YEAR 2024 ADJUSTED EBITDA OUTLOOK OF $515 TO $545 MILLION, WITH ADDITIONAL $40 MILLION EXPECTED THROUGH REDUCED TAX EXPENSE AS A RESULT OF ITC BENEFITS RENO, Nev., Feb. 21, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:O
RENO, Nev., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies Inc. (NYSE:ORA), a leading renewable energy company, today announced that it plans to publish its fourth quarter and full year 2023 financial results in a press release that will be issued on Wednesday, February 21, 2024, after the market closes. In conjunction with this report, the Company has scheduled a conference call to discuss the results at 10:00 a.m. ET on, February 22, 2024. Participants within the United States and Canada, please dial 1-888-770-2286, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The acces
Strategic Acquisition Advances Ormat's Electricity Segment Growth Plans and Further Strengthens its Presence in the U.S. Renewable Energy SectorIncreased Ormat Electricity Segment Generating Portfolio to 1,215 MWAssets Located in Nevada, Utah, Connecticut and California RENO, Nev., Jan. 04, 2024 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, announces that it has closed the previously announced acquisition of a portfolio of geothermal and solar assets from Enel Green Power North America (EGPNA), a subsidiary of Enel SpA (ENEL.MI, LLC). Under the agreement, Ormat paid $271 million for 100% of the equity interest in the portfolio assets. Th
HIGHLIGHTS TOTAL REVENUES FOR THE THIRD QUARTER INCREASED BY 18.3% YEAR OVER YEAR, WITH GROWTH ACROSS ALL THREE OPERATING SEGMENTSNARROWS ITS FULL-YEAR REVENUE AND EBITDA GUIDANCE, DEMONSTRATING CONFIDENCE IN THE BUSINESS'S OUTLOOK AND PORTFOLIO EXPANSION MOMENTUM RENO, Nev., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA), a leading renewable energy company, today announced financial results for the third quarter ended September 30, 2023. KEY FINANCIAL RESULTS Q3 2023Q3 2022Change (%)9M 20239M 2022Change (%)GAAP Measures Revenues ($ millions) Electricity157.2152.82.9%482.8466.53.5%Product39.814.2180.2%83.339.2112.4%Energy Storage11.08.824.5%21.922.9(4.3