Ormat Technologies (NYSE:ORA) Price Target Raised to $75.00

Ormat Technologies (NYSE:ORA) had its price target increased by JPMorgan Chase & Co. from $71.00 to $75.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Other equities analysts also recently issued reports about the stock. Oppenheimer lifted their target price 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. Piper Sandler began coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target on the stock. Jefferies Financial Group raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and boosted their price target for the company from $73.00 to $78.00 in a research note on Thursday, February 20th. Finally, Roth Mkm reissued a “buy” rating and issued a $92.00 price target (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $82.88.

Ormat Technologies Price Performance

Shares of ORA stock opened at $69.85 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The firm’s 50-day moving average is $66.44 and its two-hundred day moving average is $73.21. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The company has a market capitalization of $4.22 billion, a PE ratio of 35.64, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57.

Ormat Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Wednesday, March 12th. Ormat Technologies’s payout ratio is currently 23.53%.

Insider Buying and Selling

In related news, major shareholder Corp Orix sold 3,700,000 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This represents a 55.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David Granot sold 1,256 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the sale, the director now directly owns 3,576 shares in the company, valued at approximately $293,232. The trade was a 25.99 % 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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ORA. Norges Bank acquired a new position in Ormat Technologies during the 4th quarter worth approximately $62,851,000. Vanguard Group Inc. grew its holdings in Ormat Technologies by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock worth $409,305,000 after acquiring an additional 274,540 shares in the last quarter. Erste Asset Management GmbH acquired a new position in Ormat Technologies during the 3rd quarter worth approximately $19,096,000. Impax Asset Management Group plc grew its holdings in Ormat Technologies by 7.3% during the 4th quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock worth $162,586,000 after acquiring an additional 163,505 shares in the last quarter. Finally, Soros Fund Management LLC acquired a new position in Ormat Technologies during the 4th quarter worth approximately $10,158,000. 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.