Ormat Technologies (NYSE:ORA) Price Target Raised to $99.00

Ormat Technologies (NYSE:ORA) had its price target raised by investment analysts at JPMorgan Chase & Co. from $98.00 to $99.00 in a research report issued to clients and investors 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 7.65% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Jefferies Financial Group restated a “hold” rating and issued a $117.00 target price on shares of Ormat Technologies in a research note on Wednesday, September 9th. Oppenheimer lowered their price target on Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating for the company in a report on Friday. Barclays dropped their price objective on Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday. Sanford C. Bernstein restated a “market perform” rating and set a $112.00 price objective on shares of Ormat Technologies in a report on Friday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $125.85.

Ormat Technologies Trading Up 0.1%

Shares of NYSE ORA opened at $91.96 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.92. The business’s 50 day moving average price is $93.71 and its 200-day moving average price is $110.93. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The company has a market cap of $5.66 billion, a price-to-earnings ratio of 42.77, a PEG ratio of 3.31 and a beta of 0.89.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings results on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.23. Ormat Technologies had a net margin of 11.07% and a return on equity of 6.90%. The firm had revenue of $275.12 million for the quarter, compared to analysts’ expectations of $248.36 million. During the same period in the prior year, the business posted $0.41 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts expect that Ormat Technologies will post 2.78 earnings per share for the current year.

Institutional Investors Weigh In On Ormat Technologies

Several large investors have recently modified their holdings of ORA. BlackRock Inc. bought a new position in shares of Ormat Technologies during the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd purchased a new position in Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board purchased a new position in Ormat Technologies during the second quarter valued at approximately $173,638,000. Phoenix Financial Ltd. raised its stake in Ormat Technologies by 191.3% in the third quarter. Phoenix Financial Ltd. now owns 1,614,749 shares of the energy company’s stock worth $147,733,000 after buying an additional 1,060,468 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Ormat Technologies by 32.7% in the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after buying an additional 282,583 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.