Ormat Technologies (NYSE:ORA) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan raised Ormat Technologies’ price target from $122 to $131, implying 33.13% upside from the stock’s $98.40 price, while maintaining a neutral rating.
• Analyst sentiment is broadly positive: Ormat has a consensus “Moderate Buy” rating and an average price target of $130.75, though ratings range from outperform to sell.
• Shares fell 8.9% to $98.40 despite the company beating quarterly earnings and revenue estimates; revenue increased 10.6% year over year, and institutional investors own 95.49% of the stock.

Ormat Technologies (NYSE:ORA - Get Free Report) had its price target boosted by research analysts at JPMorgan Chase & Co. from $122.00 to $131.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 33.13% from the company's current price.

Several other brokerages have also issued reports on ORA. Royal Bank Of Canada restated an "outperform" rating and set a $130.00 price target on shares of Ormat Technologies in a research note on Wednesday. Oppenheimer increased their price objective on Ormat Technologies from $141.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday. Wolfe Research initiated coverage on Ormat Technologies in a research note on Monday, June 8th. They issued a "peer perform" rating on the stock. Barclays decreased their price objective on Ormat Technologies from $127.00 to $122.00 and set an "overweight" rating for the company in a report on Monday, August 10th. Finally, Wall Street Zen cut Ormat Technologies from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Ormat Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $130.75.

Ormat Technologies Stock Down 8.9%

Shares of ORA traded down $9.57 on Wednesday, reaching $98.40. The company's stock had a trading volume of 1,265,845 shares, compared to its average volume of 849,875. The stock has a market capitalization of $6.05 billion, a PE ratio of 48.47, a PEG ratio of 4.26 and a beta of 0.90. Ormat Technologies has a twelve month low of $90.31 and a twelve month high of $146.39. The firm has a fifty day moving average of $106.36 and a 200-day moving average of $115.12. The company has a current ratio of 1.05, a quick ratio of 1.00 and a debt-to-equity ratio of 0.87.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.24. The business had revenue of $258.76 million for the quarter, compared to analysts' expectations of $240.03 million. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%.The business's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Equities analysts predict that Ormat Technologies will post 2.47 EPS for the current year.

Institutional Investors Weigh In On Ormat Technologies

Large investors have recently added to or reduced their stakes in the business. Glenmede Trust Co. NA raised its holdings in shares of Ormat Technologies by 3.4% in the 1st quarter. Glenmede Trust Co. NA now owns 2,452 shares of the energy company's stock valued at $274,000 after acquiring an additional 81 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Ormat Technologies by 9.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company's stock worth $127,000 after purchasing an additional 99 shares during the last quarter. State of Wyoming raised its stake in Ormat Technologies by 6.7% in the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company's stock valued at $231,000 after purchasing an additional 131 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Ormat Technologies by 7.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,167 shares of the energy company's stock valued at $239,000 after purchasing an additional 144 shares in the last quarter. Finally, Evexia Wealth LLC lifted its position in Ormat Technologies by 2.8% during the first quarter. Evexia Wealth LLC now owns 5,432 shares of the energy company's stock valued at $610,000 after purchasing an additional 149 shares during the last quarter. Institutional investors own 95.49% of the company's stock.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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