Ormat Technologies, Inc. (NYSE:ORA) Receives $82.25 Average PT from Analysts

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given a consensus recommendation of “Moderate Buy” by the eight research firms that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $82.88.

A number of brokerages recently weighed in on ORA. Jefferies Financial Group raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and upped their target price for the stock from $73.00 to $78.00 in a research note on Thursday. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Roth Mkm restated a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Finally, Oppenheimer increased their price objective on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $68.74 on Friday. The firm has a market cap of $4.16 billion, a PE ratio of 35.07, a PEG ratio of 3.18 and a beta of 0.57. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Ormat Technologies has a 1-year low of $59.41 and a 1-year high of $84.30. The company has a fifty day moving average price of $66.53 and a 200 day moving average price of $73.33.

Insider Activity

In other news, Director David Granot sold 1,256 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the sale, the director now directly owns 3,576 shares of the company’s stock, valued at approximately $293,232. This represents a 25.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares in the company, valued at approximately $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Ormat Technologies by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock valued at $409,305,000 after acquiring an additional 274,540 shares in the last quarter. Global Alpha Capital Management Ltd. grew its stake in Ormat Technologies by 6.1% during the third quarter. Global Alpha Capital Management Ltd. now owns 2,446,624 shares of the energy company’s stock worth $188,125,000 after buying an additional 140,882 shares in the last quarter. Impax Asset Management Group plc grew its stake in Ormat Technologies by 7.3% during the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock worth $162,586,000 after buying an additional 163,505 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Ormat Technologies by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company’s stock worth $107,440,000 after buying an additional 93,418 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Ormat Technologies by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company’s stock worth $93,029,000 after buying an additional 72,135 shares in the last quarter. Institutional investors own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.