Ormat Technologies (NYSE:ORA) Rating Increased to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Ormat Technologies (NYSE:ORA - Free Report) from a hold rating to a buy rating in a research report report published on Thursday, Marketbeat.com reports. They currently have $78.00 price target on the energy company's stock, up from their prior price target of $73.00.

Several other brokerages have also commented on ORA. Roth Mkm reaffirmed a "buy" rating and issued a $92.00 price target (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Piper Sandler initiated coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They issued a "neutral" rating and a $78.00 target price on the stock. Finally, Oppenheimer lifted their price target on shares of Ormat Technologies from $86.00 to $91.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $82.88.

Ormat Technologies Trading Down 0.8 %

ORA traded down $0.56 during trading hours on Thursday, reaching $68.74. The company's stock had a trading volume of 518,383 shares, compared to its average volume of 536,097. The stock has a market cap of $4.16 billion, a PE ratio of 35.07, a P/E/G ratio of 3.09 and a beta of 0.57. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30. 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 business's 50-day moving average is $66.53 and its 200-day moving average is $73.33.

Insider Buying and Selling at Ormat Technologies

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the 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 in the company, valued at $224,336,684.26. This represents a 55.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Granot sold 1,256 shares of the business's stock in a transaction 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 completion of the transaction, the director now owns 3,576 shares of the company's stock, valued at approximately $293,232. This trade represents a 25.99 % 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. raised its position in Ormat Technologies by 2.0% in the 4th quarter. Pacer Advisors Inc. now owns 8,026 shares of the energy company's stock valued at $544,000 after purchasing an additional 160 shares in the last quarter. Bailard Inc. increased its stake in shares of Ormat Technologies by 0.9% during the fourth quarter. Bailard Inc. now owns 19,446 shares of the energy company's stock worth $1,317,000 after buying an additional 169 shares during the period. Securian Asset Management Inc. raised its holdings in Ormat Technologies by 5.1% in the fourth quarter. Securian Asset Management Inc. now owns 4,354 shares of the energy company's stock valued at $295,000 after acquiring an additional 212 shares in the last quarter. Blue Trust Inc. lifted its stake in Ormat Technologies by 180.3% in the third quarter. Blue Trust Inc. now owns 356 shares of the energy company's stock worth $26,000 after acquiring an additional 229 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in Ormat Technologies by 132.4% during the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company's stock worth $27,000 after acquiring an additional 229 shares in the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

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.