Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Ormat Technologies (NYSE:ORA) had its price target increased by equities researchers at Jefferies Financial Group from $78.00 to $86.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the energy company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 23.24% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Piper Sandler began coverage on shares of Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target on the stock. Baird R W raised Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. JPMorgan Chase & Co. boosted their target price on shares of Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. Finally, Robert W. Baird assumed coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a “neutral” rating and a $81.00 price objective for the company. Six analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $83.56.

Ormat Technologies Price Performance

Ormat Technologies stock opened at $69.78 on Tuesday. Ormat Technologies has a 12 month low of $59.41 and a 12 month high of $84.30. The stock’s 50 day moving average is $67.47 and its 200-day moving average is $72.87. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 35.60, a PEG ratio of 3.18 and a beta of 0.51.

Insider Activity at Ormat Technologies

In other Ormat Technologies news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $72.15, for a total transaction of $29,509.35. Following the transaction, the insider now owns 6,094 shares in the company, valued at approximately $439,682.10. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David Granot sold 1,666 shares of Ormat Technologies stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the transaction, the director now owns 1,910 shares of the company’s stock, valued at $131,790. This represents a 46.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,242 shares of company stock worth $156,427 in the last quarter. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Ormat Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Ormat Technologies by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 6,043,996 shares of the energy company’s stock worth $409,305,000 after buying an additional 274,540 shares in the last quarter. Impax Asset Management Group plc boosted its position in Ormat Technologies by 7.3% in the fourth quarter. Impax Asset Management Group plc now owns 2,415,479 shares of the energy company’s stock worth $162,586,000 after purchasing an additional 163,505 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Ormat Technologies by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,586,479 shares of the energy company’s stock valued at $107,440,000 after purchasing an additional 93,418 shares during the period. Geode Capital Management LLC increased its position in shares of Ormat Technologies by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 1,373,426 shares of the energy company’s stock valued at $93,029,000 after purchasing an additional 72,135 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Ormat Technologies during the 4th quarter worth $62,851,000. 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.