Oppenheimer Forecasts Strong Price Appreciation for Ormat Technologies (NYSE:ORA) Stock

Ormat Technologies (NYSE:ORA) had its target price boosted by Oppenheimer from $86.00 to $91.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the energy company’s stock. Oppenheimer’s price target suggests a potential upside of 9.47% from the stock’s previous close.

ORA has been the subject of several other research reports. Roth Mkm reissued a “buy” rating and issued a $80.00 price target on shares of Ormat Technologies in a research note on Monday, August 12th. JPMorgan Chase & Co. increased their price objective on Ormat Technologies from $69.00 to $75.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.50.

Ormat Technologies Trading Up 0.1 %

Shares of ORA stock opened at $83.13 on Friday. 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 has a twelve month low of $58.73 and a twelve month high of $83.85. The company’s 50-day moving average price is $76.96 and its 200-day moving average price is $74.14. The stock has a market cap of $5.03 billion, a price-to-earnings ratio of 42.41, a PEG ratio of 4.28 and a beta of 0.53.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, Director Byron G. Wong sold 1,266 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $74.98, for a total transaction of $94,924.68. Following the transaction, the director now directly owns 6,906 shares in the company, valued at $517,811.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Byron G. Wong sold 1,266 shares of the company’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 directly owns 6,906 shares in the company, valued at approximately $517,811.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dafna Sharir sold 433 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $74.91, for a total transaction of $32,436.03. Following the completion of the sale, the director now directly owns 3,561 shares in the company, valued at approximately $266,754.51. This represents a 0.00 % 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.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Texas Permanent School Fund Corp grew its stake in Ormat Technologies by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 46,945 shares of the energy company’s stock worth $3,107,000 after buying an additional 601 shares during the last quarter. Quantbot Technologies LP grew its position in shares of Ormat Technologies by 23.2% during the first quarter. Quantbot Technologies LP now owns 31,538 shares of the energy company’s stock worth $2,088,000 after acquiring an additional 5,933 shares during the last quarter. Swiss National Bank grew its position in shares of Ormat Technologies by 0.4% during the first quarter. Swiss National Bank now owns 107,234 shares of the energy company’s stock worth $7,098,000 after acquiring an additional 400 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Ormat Technologies in the 1st quarter valued at $2,075,000. Finally, Sei Investments Co. raised its position in Ormat Technologies by 10.4% in the 1st quarter. Sei Investments Co. now owns 17,197 shares of the energy company’s stock valued at $1,138,000 after purchasing an additional 1,615 shares during the last quarter. 95.49% of the stock is owned by institutional investors and hedge funds.

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.