Ormat Technologies (ORA) Receives “Market Perform” Rating from Oppenheimer

Ormat Technologies (NYSE:ORA)‘s stock had its “market perform” rating restated by research analysts at Oppenheimer in a research report issued on Friday. The analysts noted that the move was a valuation call.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Wednesday, January 3rd. Guggenheim initiated coverage on shares of Ormat Technologies in a report on Monday, January 8th. They issued a “buy” rating and a $72.00 target price on the stock. JPMorgan Chase upped their target price on shares of Ormat Technologies from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Roth Capital reduced their target price on shares of Ormat Technologies from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Friday, March 2nd. Finally, Cowen set a $67.00 target price on shares of Ormat Technologies and gave the company a “buy” rating in a report on Thursday, March 1st. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $68.57.

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NYSE:ORA opened at $55.79 on Friday. The stock has a market capitalization of $2,822.81, a price-to-earnings ratio of 18.66, a PEG ratio of 1.75 and a beta of 1.37. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.07 and a current ratio of 1.14. Ormat Technologies has a 12-month low of $53.45 and a 12-month high of $70.68.

Several hedge funds have recently made changes to their positions in the company. Xact Kapitalforvaltning AB purchased a new position in shares of Ormat Technologies during the 4th quarter worth about $265,000. Handelsbanken Fonder AB lifted its holdings in shares of Ormat Technologies by 50.2% during the 4th quarter. Handelsbanken Fonder AB now owns 132,829 shares of the energy company’s stock worth $8,496,000 after acquiring an additional 44,423 shares during the period. Delek Group Ltd. purchased a new position in shares of Ormat Technologies during the 4th quarter worth about $41,008,000. Meitav Dash Investments Ltd. purchased a new position in shares of Ormat Technologies during the 4th quarter worth about $448,000. Finally, MetLife Investment Advisors LLC purchased a new position in shares of Ormat Technologies during the 4th quarter worth about $1,207,000. Institutional investors and hedge funds own 70.55% of the company’s stock.

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About Ormat Technologies

Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

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