Oppenheimer Issues Positive Forecast for Ormat Technologies (NYSE:ORA) Stock Price

Ormat Technologies (NYSE:ORA) had its price objective boosted by Oppenheimer from $86.00 to $91.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Oppenheimer’s target price would indicate a potential upside of 9.00% from the stock’s previous close.

Several other equities analysts also recently weighed in on ORA. JPMorgan Chase & Co. lifted their target price on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, July 16th. Roth Mkm reaffirmed a “buy” rating and set a $80.00 target price on shares of Ormat Technologies in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Ormat Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $82.50.

Ormat Technologies Stock Up 0.5 %

NYSE:ORA traded up $0.44 during trading hours on Friday, reaching $83.49. 116,070 shares of the company traded hands, compared to its average volume of 435,303. The business’s 50-day moving average price is $76.79 and its two-hundred day moving average price is $73.95. The stock has a market capitalization of $5.05 billion, a P/E ratio of 38.12, a P/E/G ratio of 4.22 and a beta of 0.53. Ormat Technologies has a 1 year low of $58.73 and a 1 year high of $83.85. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 0.72.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Tuesday, August 6th. The energy company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.03. Ormat Technologies had a return on equity of 5.40% and a net margin of 14.89%. The business had revenue of $212.96 million during the quarter, compared to analyst estimates of $214.07 million. During the same quarter last year, the company earned $0.40 EPS. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. Analysts predict that Ormat Technologies will post 1.92 earnings per share for the current year.

Insider Buying and Selling at Ormat Technologies

In related news, Director Dafna Sharir sold 433 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total value of $32,436.03. Following the transaction, the director now owns 3,561 shares of the company’s stock, valued at $266,754.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Byron G. Wong sold 1,266 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $74.98, for a total transaction of $94,924.68. Following the sale, the director now owns 6,906 shares in the company, valued at approximately $517,811.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dafna Sharir sold 433 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $74.91, for a total transaction of $32,436.03. Following the sale, the director now owns 3,561 shares in the company, valued at approximately $266,754.51. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Ormat Technologies by 15.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 144,778 shares of the energy company’s stock worth $9,583,000 after purchasing an additional 19,797 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in Ormat Technologies during the 1st quarter valued at about $631,000. Mizuho Markets Americas LLC lifted its stake in shares of Ormat Technologies by 23.6% in the 1st quarter. Mizuho Markets Americas LLC now owns 133,198 shares of the energy company’s stock worth $8,816,000 after acquiring an additional 25,438 shares during the period. Susquehanna International Group Ltd. bought a new stake in shares of Ormat Technologies in the 2nd quarter worth approximately $1,006,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Ormat Technologies in the 1st quarter worth approximately $2,075,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Ormat Technologies

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.