JPMorgan Chase & Co. Raises Ormat Technologies (NYSE:ORA) Price Target to $75.00

Ormat Technologies (NYSE:ORA - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $71.00 to $75.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 7.98% from the stock's current price.

Several other analysts also recently weighed in on the company. Jefferies Financial Group upgraded Ormat Technologies from a "hold" rating to a "buy" rating and lifted their target price for the stock from $73.00 to $78.00 in a research report on Thursday, February 20th. Piper Sandler began coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a "neutral" rating and a $78.00 price objective for the company. Oppenheimer upped 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. Finally, Roth Mkm reaffirmed a "buy" rating and set a $92.00 target price (up from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $82.88.

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Ormat Technologies Trading Up 1.1 %

Shares of ORA traded up $0.73 during mid-day trading on Friday, reaching $69.46. 496,333 shares of the company's stock traded hands, compared to its average volume of 465,062. 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 stock's 50-day moving average is $66.48 and its two-hundred day moving average is $73.17. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The stock has a market cap of $4.20 billion, a P/E ratio of 35.44, a P/E/G ratio of 3.18 and a beta of 0.57.

Insider Activity

In related news, major shareholder Corp Orix sold 3,700,000 shares of the company's stock in a transaction on Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.00% of the company's stock.

Institutional Trading of Ormat Technologies

Several hedge funds have recently modified their holdings of the company. Chesapeake Capital Corp IL purchased a new position in shares of Ormat Technologies in the 3rd quarter worth approximately $522,000. Principal Financial Group Inc. boosted its stake in Ormat Technologies by 5.6% in the fourth quarter. Principal Financial Group Inc. now owns 131,906 shares of the energy company's stock valued at $8,933,000 after acquiring an additional 7,025 shares in the last quarter. RWC Asset Management LLP grew its holdings in Ormat Technologies by 348.9% in the fourth quarter. RWC Asset Management LLP now owns 165,599 shares of the energy company's stock worth $11,214,000 after purchasing an additional 128,705 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Ormat Technologies during the fourth quarter worth $265,000. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Ormat Technologies by 896.6% during the 4th quarter. Handelsbanken Fonder AB now owns 155,906 shares of the energy company's stock valued at $10,558,000 after purchasing an additional 140,262 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

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.