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Ormat Technologies Inc (NYSE:ORA). stock reached a new 52-week high, hitting 88.45 USD, marking a significant milestone for the company. With a market capitalization of $5.36 billion, the renewable energy provider has shown remarkable momentum, as confirmed by InvestingPro data. Over the past year, the stock has seen a notable increase of 19.48%, with an even more impressive 34.54% gain over the past six months. The company maintains a steady dividend yield of 0.54% and has consistently paid dividends for 21 consecutive years, though InvestingPro analysis suggests the stock may be trading above its Fair Value. This upward trend highlights the positive market sentiment surrounding Ormat Technologies, known for its advancements in renewable energy solutions. Trading at a P/E ratio of 42.55, the stock’s recent performance underscores its resilience and potential for continued growth in the evolving energy sector. For deeper insights into Ormat’s valuation and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.
In other recent news, Ormat Technologies has completed the acquisition of the Blue Mountain geothermal power plant for $88 million, enhancing its electricity segment portfolio to 1,268MW. The company plans to upgrade the facility and add a solar component, reflecting its strategy to expand through acquisitions and organic growth. Additionally, Ormat has entered into a $62 million Hybrid Tax Equity partnership with Morgan Stanley (NYSE:MS) Renewables, targeting the development of energy storage projects like the Lower Rio and Arrowleaf facilities. These projects are expected to be operational by the end of 2025, with the partnership aimed at optimizing project economics and increasing profitability.
Jefferies has raised Ormat’s stock price target to $97, maintaining a Buy rating, influenced by favorable Senate draft legislation for geothermal and storage technologies. Meanwhile, Barclays (LON:BARC) has upgraded Ormat’s stock rating from Equalweight to Overweight, citing the growing demand for geothermal energy amid U.S. power shortages. The analysts at Barclays have also increased the price target to $86, highlighting Ormat’s potential to benefit from the rising need for reliable energy sources.
In a move to bolster its executive team, Ormat appointed Aron Willis as Executive Vice President of the Electricity Segment and Daniel Moelk as Senior Vice President of Resources, Drilling, & EGS. These appointments are part of the company’s efforts to drive growth in its electricity segment and enhance its Enhanced Geothermal System initiatives. The recent developments underscore Ormat’s commitment to expanding its capabilities and strengthening its position in the renewable energy sector.
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