Equities researchers at Robert W. Baird initiated coverage on shares of Ormat Technologies (NYSE:ORA - Get Free Report) in a note issued to investors on Thursday,Benzinga reports. The brokerage set a "neutral" rating and a $81.00 price target on the energy company's stock. Robert W. Baird's price objective suggests a potential upside of 13.71% from the company's previous close.
Several other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 28th. Jefferies Financial Group upgraded Ormat Technologies from a "hold" rating to a "buy" rating and increased their target price for the stock from $73.00 to $78.00 in a research note on Thursday, February 20th. Finally, Piper Sandler began coverage on Ormat Technologies in a research note on Thursday, December 19th. They issued a "neutral" rating and a $78.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $82.67.
Read Our Latest Research Report on ORA
Ormat Technologies Price Performance
NYSE:ORA opened at $71.23 on Thursday. The company has a market capitalization of $4.31 billion, a P/E ratio of 36.34, a P/E/G ratio of 3.18 and a beta of 0.51. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The business's 50-day moving average is $66.67 and its 200 day moving average is $73.04. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.
Insider Buying and Selling
In related news, Director David Granot sold 1,666 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total value of $114,954.00. Following the transaction, the director now owns 1,910 shares in the company, valued at approximately $131,790. This trade represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the company's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares of the company's stock, valued at $224,336,684.26. The trade was a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.
Institutional Trading of Ormat Technologies
A number of hedge funds and other institutional investors have recently modified their holdings of ORA. State of New Jersey Common Pension Fund D grew its position in Ormat Technologies by 4.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 26,554 shares of the energy company's stock valued at $2,043,000 after purchasing an additional 1,125 shares in the last quarter. Empower Advisory Group LLC lifted its holdings in Ormat Technologies by 4.5% during the 3rd quarter. Empower Advisory Group LLC now owns 194,680 shares of the energy company's stock worth $14,979,000 after buying an additional 8,403 shares in the last quarter. Nicola Wealth Management LTD. increased its holdings in Ormat Technologies by 10.0% in the third quarter. Nicola Wealth Management LTD. now owns 44,000 shares of the energy company's stock valued at $3,385,000 after purchasing an additional 4,000 shares during the last quarter. Mizuho Markets Americas LLC raised its position in shares of Ormat Technologies by 5.8% during the third quarter. Mizuho Markets Americas LLC now owns 151,211 shares of the energy company's stock worth $11,634,000 after purchasing an additional 8,317 shares during the period. Finally, Chesapeake Capital Corp IL acquired a new stake in Ormat Technologies in the 3rd quarter valued at $522,000. Institutional investors own 95.49% of the company's stock.
About Ormat Technologies
(
Get Free Report)
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.
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