JPMorgan Chase & Co. Issues Positive Forecast for Ormat Technologies (NYSE:ORA) Stock Price

Ormat Technologies (NYSE:ORA) had its price objective lifted by equities researchers at JPMorgan Chase & Co. from $122.00 to $131.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 33.13% from the stock’s current price.

Several other equities analysts have also commented on the stock. Oppenheimer increased their target price on shares of Ormat Technologies from $141.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday. Wolfe Research initiated coverage on shares of Ormat Technologies in a research report on Monday, June 8th. They set a “peer perform” rating for the company. Piper Sandler raised their price objective on Ormat Technologies from $125.00 to $142.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Jefferies Financial Group reiterated a “hold” rating and issued a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday. Finally, Sanford C. Bernstein raised Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 target price for the company in a research note on Friday, September 4th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $130.75.

Ormat Technologies Price Performance

NYSE:ORA traded down $9.57 during mid-day trading on Wednesday, reaching $98.40. The stock had a trading volume of 1,265,845 shares, compared to its average volume of 849,875. The firm has a 50 day moving average price of $106.36 and a two-hundred day moving average price of $115.12. The stock has a market capitalization of $6.05 billion, a P/E ratio of 48.47, a P/E/G ratio of 4.26 and a beta of 0.90. Ormat Technologies has a one year low of $90.31 and a one year high of $146.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.00 and a current ratio of 1.05.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $0.48 earnings per share. As a group, analysts expect that Ormat Technologies will post 2.47 earnings per share for the current year.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $26,000. Main Street Group LTD purchased a new position in Ormat Technologies during the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Ormat Technologies during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC grew its holdings in Ormat Technologies by 245.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 297 shares of the energy company’s stock worth $33,000 after purchasing an additional 211 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in Ormat Technologies in the fourth quarter worth about $32,000. 95.49% of the stock is currently owned by institutional investors.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.