Strength Seen in Ormat Technologies (ORA): Can Its 5.1% Jump Turn into More Strength?

Ormat Technologies (ORA) shares rallied 5.1% in the last trading session to close at $124.22. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.2% gain over the past four weeks.Shares of Ormat Technologies moved higher after the company announced a long-term geothermal Power Purchase Agreement with NV Energy to supply up to 150 MW of new geothermal power for Google’s operations in Nevada. The agreement is structured as a portfolio arrangement, enabling Ormat to develop and add multiple geothermal projects across the state under a single framework. This agreement provides Ormat Technologies with long-term revenue visibility, phased capacity additions, and a clear growth pipeline, which likely contributed to the positive stock reaction.This geothermal company is expected to post quarterly earnings of $0.67 per share in its upcoming report, which represents a year-over-year change of -6.9%. Revenues are expected to be $257.89 million, up 11.8% from the year-ago quarter.While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.For Ormat Technologies, the consensus EPS estimate for the quarter has been revised 7.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ORA going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Ormat Technologies is a member of the Zacks Alternative Energy - Other industry. One other stock in the same industry, Ocean Power Technologies, Inc. (OPTT), finished the last trading session 2.1% lower at $0.43. OPTT has returned 3.8% over the past month.For Ocean Power Technologies, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.05. This represents a change of -66.7% from what the company reported a year ago. Ocean Power Technologies currently has a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ormat Technologies, Inc. (ORA): Free Stock Analysis Report Ocean Power Technologies, Inc. (OPTT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks