Ormat Technologies (NYSE:ORA) Price Target Raised to $131.00

Ormat Technologies (NYSE:ORA) had its price objective boosted by JPMorgan Chase & Co. from $122.00 to $131.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the energy company’s stock.

Several other research analysts have also recently issued reports on ORA. Piper Sandler upped their target price on shares of Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Jefferies Financial Group reiterated a “hold” rating and set a $117.00 price target on shares of Ormat Technologies in a research note on Wednesday. Royal Bank Of Canada reissued an “outperform” rating and issued a $130.00 price target on shares of Ormat Technologies in a research report on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Friday, July 17th. Finally, Wolfe Research started coverage on Ormat Technologies in a report on Monday, June 8th. They set a “peer perform” rating on the stock. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $130.75.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $95.12 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05. Ormat Technologies has a fifty-two week low of $90.77 and a fifty-two week high of $146.39. The firm has a market capitalization of $5.85 billion, a PE ratio of 46.86, a price-to-earnings-growth ratio of 3.91 and a beta of 0.90. The stock’s 50-day simple moving average is $105.47 and its 200-day simple moving average is $114.70.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.24. The firm had revenue of $258.76 million during the quarter, compared to the consensus estimate of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.48 earnings per share. As a group, equities research analysts forecast that Ormat Technologies will post 2.47 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Wednesday, August 19th were given a $0.12 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. Ormat Technologies’s dividend payout ratio (DPR) is presently 23.65%.

Institutional Trading of Ormat Technologies

A number of institutional investors have recently modified their holdings of ORA. Aster Capital Management DIFC Ltd purchased a new position in Ormat Technologies in the fourth quarter worth $26,000. Main Street Group LTD purchased a new stake in shares of Ormat Technologies during the 1st quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Ormat Technologies during the 4th quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in shares of Ormat Technologies by 245.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after purchasing an additional 211 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Ormat Technologies during the 4th quarter worth $32,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates geothermal, recovered energy, and energy storage facilities. The company also designs and manufactures equipment used to generate electricity from geothermal resources and waste heat, including its Ormat Energy Converter systems.

Ormat’s geothermal activities include the exploration and development of geothermal resources, power plant construction, and long-term operation and maintenance. Its recovered energy business converts industrial waste heat and other low-temperature heat sources into electricity.