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

Ormat Technologies (NYSE:ORA) had its price objective upped by JPMorgan Chase & Co. from $71.00 to $75.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 8.51% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Oppenheimer boosted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Jefferies Financial Group raised Ormat Technologies from a “hold” rating to a “buy” rating and increased their price target for the stock from $73.00 to $78.00 in a research note on Thursday, February 20th. Piper Sandler began coverage on Ormat Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 target price on the stock. Finally, Roth Mkm reiterated a “buy” rating and issued a $92.00 price target (up from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $82.88.

Ormat Technologies Stock Up 0.3 %

NYSE ORA traded up $0.18 during trading on Friday, reaching $69.12. 106,655 shares of the company’s stock were exchanged, compared to its average volume of 526,533. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The stock has a market cap of $4.18 billion, a P/E ratio of 35.27, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57. The company has a 50 day moving average price of $66.44 and a two-hundred day moving average price of $73.21.

Insiders Place Their Bets

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the completion of the sale, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $278,906,000.00. Following the transaction, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in shares of Ormat Technologies by 180.3% in the 3rd quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after acquiring an additional 229 shares during the last quarter. Versant Capital Management Inc raised its holdings in Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after purchasing an additional 229 shares in the last quarter. Stuart Chaussee & Associates Inc. purchased a new stake in shares of Ormat Technologies in the 4th quarter worth about $34,000. AlphaQuest LLC grew its position in shares of Ormat Technologies by 4,691.7% in the 4th quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after buying an additional 563 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter worth about $66,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

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.