Ormat Technologies (NYSE:ORA) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

Ormat Technologies (NYSE:ORA) had its price target trimmed by JPMorgan Chase & Co. from $131.00 to $98.00 in a report published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the energy company’s stock.

A number of other brokerages have also commented on ORA. Jefferies Financial Group reissued a “hold” rating and issued a $117.00 price objective on shares of Ormat Technologies in a research report on Wednesday, September 9th. Oppenheimer raised their target price on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Sanford C. Bernstein upgraded shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target on the stock in a research note on Friday, September 4th. Zacks Research lowered shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research note on Friday, October 9th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $128.00.

Ormat Technologies Trading Up 2.3%

Shares of NYSE:ORA opened at $89.36 on Monday. Ormat Technologies has a 12 month low of $85.77 and a 12 month high of $146.39. The company has a quick ratio of 1.00, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The company’s fifty day simple moving average is $97.93 and its 200 day simple moving average is $111.13. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 3.31 and a beta of 0.90.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to analysts’ expectations of $240.03 million. Ormat Technologies had a net margin of 10.66% and a return on equity of 6.61%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.48 EPS. As a group, research analysts forecast that Ormat Technologies will post 2.64 EPS for the current fiscal year.

Ormat Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, August 19th. Ormat Technologies’s payout ratio is 23.65%.

Hedge Funds Weigh In On Ormat Technologies

Large investors have recently modified their holdings of the stock. Jupiter Topco LLC acquired a new position in shares of Ormat Technologies in the second quarter valued at approximately $2,979,000. Deutsche Bank AG bought a new position in Ormat Technologies in the second quarter valued at approximately $42,015,000. Trillium Asset Management LLC bought a new position in Ormat Technologies in the second quarter valued at about $16,106,000. Readystate Asset Management LP bought a new stake in shares of Ormat Technologies during the 2nd quarter valued at approximately $3,165,000. Finally, BlackRock Inc. bought a new position in Ormat Technologies in the 2nd quarter valued at approximately $896,374,000. 95.49% of the stock is owned by institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc (NYSE: ORA) develops, owns, and operates renewable and alternative energy projects. The company’s principal activities include geothermal power generation, energy storage, and recovered energy generation, which converts waste heat from industrial processes into electricity.

Ormat provides equipment and services for geothermal projects, including turbines, generators, power plants, and related engineering and development capabilities. Its geothermal technology is designed to generate electricity from naturally occurring underground heat, including resources that may be unsuitable for conventional steam-based systems.

Founded in 1965, Ormat serves customers and operates projects in multiple international markets, including the United States, Latin America, Africa, and Asia.