Ormat Technologies (NYSE:ORA) Given New $99.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised its price target on Ormat Technologies from $98 to $99, while maintaining a neutral rating; the target implies 7.65% upside from the prior close.
• Analyst views are mixed, but MarketBeat reports a consensus “Moderate Buy” rating and an average price target of $125.85.
• Ormat reported quarterly EPS of $0.56, beating the $0.33 estimate, and revenue of $275.12 million, above expectations and up 10.2% year over year.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $98.00 to $99.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 7.65% from the company's previous close.

Several other research firms also recently issued reports on ORA. Wall Street Zen upgraded Ormat Technologies from a "strong sell" rating to a "sell" rating in a research report on Sunday, October 11th. Morgan Stanley began coverage on shares of Ormat Technologies in a research note on Thursday, October 29th. They issued an "overweight" rating and a $123.00 price target for the company. Oppenheimer reduced their price objective on Ormat Technologies from $145.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday. TD Cowen raised shares of Ormat Technologies to a "strong-buy" rating in a report on Monday, October 5th. Finally, Zacks Research downgraded Ormat Technologies from a "hold" rating to a "strong sell" rating in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ormat Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $125.85.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $91.96 on Friday. The firm's 50-day simple moving average is $93.71 and its two-hundred day simple moving average is $110.93. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.92. Ormat Technologies has a 52 week low of $85.77 and a 52 week high of $146.39. The firm has a market cap of $5.66 billion, a price-to-earnings ratio of 42.77, a P/E/G ratio of 3.31 and a beta of 0.89.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The energy company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.33 by $0.23. The business had revenue of $275.12 million for the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. Ormat Technologies's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. As a group, equities analysts forecast that Ormat Technologies will post 2.78 earnings per share for the current year.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Ormat Technologies during the 2nd quarter valued at $896,374,000. Clal Insurance Enterprises Holdings Ltd bought a new position in Ormat Technologies during the second quarter valued at approximately $259,568,000. Canada Pension Plan Investment Board purchased a new position in shares of Ormat Technologies in the second quarter valued at $173,638,000. Phoenix Financial Ltd. grew its stake in shares of Ormat Technologies by 191.3% in the 3rd quarter. Phoenix Financial Ltd. now owns 1,614,749 shares of the energy company's stock worth $147,733,000 after buying an additional 1,060,468 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock worth $128,469,000 after acquiring an additional 282,583 shares during the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company's activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.

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