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ORA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Ormat Technologies, Inc. (ORA) stock moving?
Ormat reported a clear Q3 2026 beat on Nov 4, with sales of $275.1M against a $248.4M estimate and adjusted EPS of $0.56 against $0.36, and it raised the low end of FY2026 sales guidance to $1.170B-$1.200B, above the $1.181B estimate. The stock responded with a rally from the 87-92 range seen in late October: it closed at 94.28 on Nov 4 after an intraday high of 97.01, on volume of about 1.41M shares versus a typical 0.5-0.6M. Since then it has given back ground, closing at 92.38 on Nov 10 on lighter volume of 574K. Analyst coverage is constructive on ratings: Piper Sandler, Oppenheimer and Barclays keep Overweight or Outperform ratings, and Morgan Stanley initiated at Overweight on Oct 29. However, several brokers trimmed price targets after the results, with Piper Sandler cut from $142 to $120, Oppenheimer from $145 to $130, Barclays to $113 and Bernstein holding Market Perform at $112. The reasons for these cuts are not given in the available news. Remaining targets still sit roughly 20-30% above the current price. Stock-specific risks include the mixed target revisions and the fading post-earnings volume.
News behind the analysis
- Ormat Technologies Reports Third Quarter 2026 Financial ResultsOrmat reported Q3 2026 results for the quarter ended September 30, with revenue and earnings above analyst expectations.
- Ormat Technologies Raises FY2026 Sales Guidance from $1.150B-$1.200B to $1.170B-$1.200B vs $1.181B EstOrmat raised the low end of its FY2026 sales guidance to $1.170B-$1.200B, versus a $1.181B consensus estimate.
- Ormat Technologies Q3 Adj. EPS $0.56 Beats $0.36 Estimate, Sales $275.121M Beat $248.390M EstimateAdjusted EPS of $0.56 beat the $0.36 estimate, and sales of $275.121M beat the $248.390M estimate.
- Ormat Technologies Q3 2026 Earnings Call TranscriptTranscript of the company's Q3 2026 earnings call, held on Thursday, November 5 per the source's reporting.
- Piper Sandler Maintains Overweight on Ormat Technologies, Lowers Price Target to $120Piper Sandler kept its Overweight rating and cut its price target from $142 to $120.
- Oppenheimer Maintains Outperform on Ormat Technologies, Lowers Price Target to $130Oppenheimer kept its Outperform rating and lowered its price target to $130 from $145.
- Barclays Maintains Overweight on Ormat Technologies, Lowers Price Target to $113Barclays kept its Overweight rating and set a $113 price target after a reduction.
- Bernstein Reiterates Market Perform on Ormat Technologies, Maintains $112 Price TargetBernstein reiterated its Market Perform rating and kept its $112 price target unchanged.
- Morgan Stanley Initiates Coverage On Ormat Technologies with Overweight Rating, Announces Price Target of $123Morgan Stanley initiated coverage with an Overweight rating and a $123 price target.
About Ormat Technologies, Inc.
Ormat Technologies is a Reno, Nevada-based renewable energy company with more than 60 years of history. It describes itself as the only vertically integrated geothermal company: it designs, makes, owns and runs geothermal and recovered-energy power plants built around its own Ormat Energy Converter, and it also has a growing battery storage business.
How it makes money
Ormat reports three segments. The largest is Electricity: it sells power from its own plants, about 1.8 GW of geothermal, solar and recovered-energy capacity in the US, Kenya, Guatemala, Indonesia, Honduras and Guadeloupe, mostly under long-term power purchase agreements (PPAs), including a deal to supply Google data centers. Product sells geothermal and recovered-energy generation equipment to other developers, with a backlog of roughly $180 million. Energy Storage earns money from US battery facilities through contracts and by selling into wholesale power markets at going rates ('merchant' pricing). Ormat's 2026 revenue guidance is about $1.17–1.20 billion, and it pays a quarterly dividend of $0.12 per share.
What usually moves ORA
- Power purchase agreement pricing and data-center power demand
- US clean-energy tax credits and policy
- Merchant electricity prices affecting battery storage revenue
- Interest rates and funding costs for building capital-heavy plants
- Progress in enhanced geothermal systems (EGS) and product orders