Analysts Set Ormat Technologies, Inc. (NYSE:ORA) PT at $83.56

Shares of Ormat Technologies, Inc. (NYSE:ORA) have been given an average recommendation of “Hold” by the ten brokerages that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $83.56.

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective 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. Piper Sandler started coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target on the stock. Jefferies Financial Group raised their price objective on Ormat Technologies from $78.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th. Robert W. Baird began coverage on Ormat Technologies in a research report on Thursday, March 13th. They issued a “neutral” rating and a $81.00 target price on the stock. Finally, Baird R W upgraded Ormat Technologies to a “hold” rating in a report on Thursday, March 13th.

Insider Buying and Selling at Ormat Technologies

In other news, Director David Granot sold 1,666 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 approximately $131,790. This represents a 46.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jessica Woelfel sold 409 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the sale, the insider now directly owns 6,094 shares of the company’s stock, valued at $439,682.10. This represents a 6.29 % 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 over the last quarter. Insiders own 1.00% of the company’s stock.

Institutional Trading of Ormat Technologies

A number of large investors have recently made changes to their positions in ORA. Versant Capital Management Inc lifted 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 valued at $27,000 after buying an additional 229 shares in the last quarter. Stuart Chaussee & Associates Inc. bought a new stake in shares of Ormat Technologies during the fourth quarter valued at approximately $34,000. AlphaQuest LLC boosted its holdings in shares of Ormat Technologies by 4,691.7% in the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock valued at $39,000 after purchasing an additional 563 shares during the period. Headlands Technologies LLC bought a new position in Ormat Technologies in the fourth quarter worth approximately $66,000. Finally, Mendota Financial Group LLC purchased a new stake in shares of Ormat Technologies in the 4th quarter worth $98,000. 95.49% of the stock is owned by hedge funds and other institutional investors.

Ormat Technologies Stock Performance

NYSE ORA opened at $69.42 on Monday. The business has a 50-day moving average price of $68.47 and a 200-day moving average price of $72.45. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 35.42, a price-to-earnings-growth ratio of 3.18 and a beta of 0.52. Ormat Technologies has a twelve month low of $59.41 and a twelve month high of $84.30. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73.

Ormat Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 12th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Wednesday, March 12th. Ormat Technologies’s payout ratio is 23.53%.

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.