JPMorgan Chase & Co. Cuts Ormat Technologies (NYSE:ORA) Price Target to $106.00

Ormat Technologies (NYSE:ORA) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $108.00 to $106.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential downside of 5.90% from the company’s previous close.

A number of other research analysts have also weighed in on the stock. UBS Group decreased their price target on shares of Ormat Technologies from $148.00 to $143.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. TD Cowen decreased their target price on shares of Ormat Technologies from $131.00 to $125.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Citigroup boosted their target price on Ormat Technologies from $110.00 to $128.00 and gave the stock a “neutral” rating in a report on Wednesday, February 18th. Barclays boosted their target price on Ormat Technologies from $108.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Finally, Jefferies Financial Group cut Ormat Technologies from a “buy” rating to a “hold” rating and boosted their target price for the stock from $125.00 to $130.00 in a report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $128.64.

Ormat Technologies Price Performance

Ormat Technologies stock traded down $1.16 during midday trading on Thursday, reaching $112.65. The company had a trading volume of 704,431 shares, compared to its average volume of 786,860. The company has a market capitalization of $6.85 billion, a P/E ratio of 56.05, a P/E/G ratio of 4.85 and a beta of 0.80. Ormat Technologies has a 12-month low of $70.02 and a 12-month high of $132.58. The firm’s fifty day simple moving average is $113.19 and its 200-day simple moving average is $112.52. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.81 and a quick ratio of 0.75.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67. The firm had revenue of $276.04 million for the quarter, compared to analyst estimates of $257.75 million. Ormat Technologies had a net margin of 12.52% and a return on equity of 5.21%. Ormat Technologies’s quarterly revenue was up 19.6% compared to the same quarter last year. During the same period last year, the company posted $0.67 EPS. As a group, equities analysts anticipate that Ormat Technologies will post 1.94 EPS for the current year.

Insiders Place Their Bets

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total value of $248,072.44. Following the transaction, the insider directly owned 3,433 shares in the company, valued at $361,014.28. The trade was a 40.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 3,364 shares of company stock valued at $353,621. Insiders own 0.56% of the company’s stock.

Institutional Trading of Ormat Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Ormat Technologies by 13.0% during the 4th quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock worth $82,000 after buying an additional 86 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Ormat Technologies by 9.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock worth $127,000 after buying an additional 99 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Ormat Technologies by 43.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock worth $35,000 after buying an additional 113 shares during the last quarter. State of Wyoming increased its holdings in shares of Ormat Technologies by 6.7% during the 4th quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after buying an additional 131 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Ormat Technologies by 7.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company’s stock valued at $239,000 after purchasing an additional 144 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.