Oppenheimer Increases Ormat Technologies (NYSE:ORA) Price Target to $86.00

Ormat Technologies (NYSE:ORA) had its target price boosted by stock analysts at Oppenheimer from $85.00 to $86.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the energy company’s stock. Oppenheimer’s price target would indicate a potential upside of 18.60% from the stock’s current price.

Several other equities research analysts have also commented on the company. UBS Group upped their price objective on Ormat Technologies from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 14th. Barclays cut their price objective on shares of Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating for the company in a report on Monday, May 13th. TD Cowen increased their target price on shares of Ormat Technologies from $70.00 to $76.00 and gave the stock a “hold” rating in a research note on Friday, May 10th. Finally, JPMorgan Chase & Co. lifted their price target on Ormat Technologies from $69.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $82.00.

Ormat Technologies Stock Performance

Shares of Ormat Technologies stock traded down $0.67 during trading on Thursday, hitting $72.51. 319,062 shares of the company’s stock were exchanged, compared to its average volume of 475,808. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 3.87 and a beta of 0.51. The business has a 50-day simple moving average of $73.84 and a 200-day simple moving average of $69.13. Ormat Technologies has a 52-week low of $58.73 and a 52-week high of $78.51. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.02 and a current ratio of 1.12.

Ormat Technologies (NYSE:ORA) last announced its quarterly earnings results on Tuesday, August 6th. The energy company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03. The company had revenue of $212.96 million for the quarter, compared to the consensus estimate of $214.07 million. Ormat Technologies had a return on equity of 5.45% and a net margin of 15.43%. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. On average, research analysts forecast that Ormat Technologies will post 1.98 EPS for the current year.

Insider Buying and Selling

In other news, Director David Granot sold 686 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $73.46, for a total value of $50,393.56. Following the transaction, the director now owns 4,832 shares in the company, valued at $354,958.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently made changes to their positions in ORA. GAMMA Investing LLC acquired a new stake in Ormat Technologies during the fourth quarter worth about $32,000. EntryPoint Capital LLC purchased a new stake in shares of Ormat Technologies during the 1st quarter valued at approximately $50,000. Manchester Capital Management LLC lifted its holdings in Ormat Technologies by 593.0% in the fourth quarter. Manchester Capital Management LLC now owns 797 shares of the energy company’s stock valued at $60,000 after acquiring an additional 682 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Ormat Technologies by 50.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,540 shares of the energy company’s stock worth $117,000 after acquiring an additional 514 shares during the period. Finally, PFG Investments LLC acquired a new stake in Ormat Technologies during the first quarter worth $202,000. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

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.