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

Ormat Technologies (NYSE:ORA) had its target price lifted by equities research analysts at JPMorgan Chase & Co. from $98.00 to $99.00 in a report issued on Friday, Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.65% from the company’s current price.

A number of other equities analysts also recently weighed in on ORA. Sanford C. Bernstein restated a “market perform” rating and issued a $112.00 target price on shares of Ormat Technologies in a research note on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research note on Thursday, October 15th. Jefferies Financial Group reaffirmed a “hold” rating and set a $117.00 target price on shares of Ormat Technologies in a report on Wednesday, September 9th. Oppenheimer cut their price target on shares of Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating for the company in a report on Friday. Finally, Morgan Stanley initiated coverage on shares of Ormat Technologies in a report on Thursday, October 29th. They issued an “overweight” rating and a $123.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.85.

Ormat Technologies Trading Up 0.1%

NYSE ORA opened at $91.96 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84. The business has a fifty day simple moving average of $93.71 and a 200 day simple moving average of $110.93. Ormat Technologies has a 12 month low of $85.77 and a 12 month high of $146.39. The firm has a market capitalization of $5.66 billion, a P/E 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 data on Wednesday, November 4th. The energy company reported $0.56 earnings per share (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 the consensus estimate of $248.36 million. During the same period in the previous year, the firm earned $0.41 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts predict that Ormat Technologies will post 2.78 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Ormat Technologies in the 2nd quarter worth approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Ormat Technologies during the 2nd quarter valued at $259,568,000. Canada Pension Plan Investment Board bought a new position in shares of Ormat Technologies during the 2nd quarter valued at $173,638,000. Phoenix Financial Ltd. grew its holdings in shares of Ormat Technologies by 191.3% during the 3rd quarter. Phoenix Financial Ltd. now owns 1,614,749 shares of the energy company’s stock valued at $147,733,000 after purchasing an additional 1,060,468 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its position in Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares during the period. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.