Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Ormat Technologies (NYSE:ORA) had its target price boosted by research analysts at JPMorgan Chase & Co. from $71.00 to $75.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 7.37% from the stock’s current price.

ORA has been the topic of several other research reports. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and raised their price target for the company from $73.00 to $78.00 in a research report on Thursday, February 20th. Roth Mkm restated a “buy” rating and set a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Piper Sandler initiated coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target on the stock. Finally, Oppenheimer raised their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Ormat Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

Ormat Technologies Stock Up 1.3 %

NYSE:ORA opened at $69.85 on Friday. The firm has a market capitalization of $4.22 billion, a P/E ratio of 35.64, a PEG ratio of 3.18 and a beta of 0.57. Ormat Technologies has a 1-year low of $59.41 and a 1-year high of $84.30. The company’s fifty day moving average price is $66.49 and its 200-day moving average price is $73.20. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Insider Activity

In other news, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares of the company’s stock, valued at approximately $224,336,684.26. This trade represents a 55.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David Granot sold 1,256 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. This represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors have recently bought and sold shares of ORA. Blue Trust Inc. increased its position in shares of Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after acquiring an additional 229 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after acquiring an additional 229 shares during the last quarter. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Ormat Technologies during the fourth quarter valued at about $34,000. AlphaQuest LLC increased its position in shares of Ormat Technologies by 4,691.7% during the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock valued at $39,000 after acquiring an additional 563 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Ormat Technologies during the fourth quarter valued at about $66,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in 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.