Ormat Technologies (NYSE:ORA) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Ormat Technologies’ price target from $131 to $98 while maintaining a “neutral” rating, implying 13.37% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $128, despite varied recommendations from other firms.
• Ormat shares fell to $86.44, near their 52-week low, while the company reported quarterly revenue growth of 10.6% and earnings of $0.50 per share, exceeding consensus estimates.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price decreased by JPMorgan Chase & Co. from $131.00 to $98.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 13.37% from the company's previous close.

A number of other equities research analysts have also commented on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Ormat Technologies in a research report on Thursday. Oppenheimer raised their price target on shares of Ormat Technologies from $141.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 9th. Sanford C. Bernstein raised shares of Ormat Technologies from an "underperform" rating to a "market perform" rating and set a $112.00 price target for the company in a research report on Friday, September 4th. Royal Bank Of Canada restated an "outperform" rating and set a $130.00 price objective on shares of Ormat Technologies in a research note on Wednesday, September 9th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a $117.00 price objective on shares of Ormat Technologies in a report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $128.00.

Ormat Technologies Stock Performance

ORA traded down $2.87 on Monday, reaching $86.44. 853,905 shares of the stock were exchanged, compared to its average volume of 876,780. The company's 50-day moving average price is $99.44 and its 200 day moving average price is $111.66. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. The firm has a market capitalization of $5.32 billion, a PE ratio of 42.58, a PEG ratio of 3.39 and a beta of 0.90.

Ormat Technologies (NYSE:ORA - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The energy company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The business had revenue of $258.76 million for the quarter, compared to the consensus estimate of $240.03 million. During the same quarter in the previous year, the business earned $0.48 EPS. The company's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Ormat Technologies will post 2.63 EPS for the current fiscal year.

Institutional Trading of Ormat Technologies

A number of hedge funds have recently modified their holdings of ORA. Fulcrum Wealth Advisors LLC acquired a new stake in shares of Ormat Technologies during the 3rd quarter worth approximately $413,000. GAMMA Investing LLC lifted its stake in shares of Ormat Technologies by 14.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,623 shares of the energy company's stock valued at $148,000 after purchasing an additional 210 shares during the period. Green Alpha Advisors LLC lifted its stake in shares of Ormat Technologies by 16.3% in the 3rd quarter. Green Alpha Advisors LLC now owns 7,050 shares of the energy company's stock valued at $645,000 after purchasing an additional 987 shares during the period. Farther Finance Advisors LLC boosted its holdings in Ormat Technologies by 57.3% during the third quarter. Farther Finance Advisors LLC now owns 1,232 shares of the energy company's stock worth $113,000 after buying an additional 449 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Ormat Technologies by 73.4% in the third quarter. Versant Capital Management Inc now owns 579 shares of the energy company's stock valued at $53,000 after buying an additional 245 shares in the last quarter. Hedge funds and other institutional investors own 95.49% of the company's stock.

About Ormat Technologies

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company's primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat's portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.

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