Jefferies Financial Group Boosts Ormat Technologies (NYSE:ORA) Price Target to $120.00

Key Points

• Jefferies Financial Group raised its price target for Ormat Technologies from $97.00 to $120.00, indicating a potential upside of 14.23% based on the previous close.
• The company recently reported an earnings per share (EPS) of $0.48, exceeding analysts' estimates, with a revenue increase of 9.9% year-over-year.
• Insider trading activity showed significant sales, with a director and CFO both reducing their shareholdings, indicating caution in the investment outlook.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price increased by research analysts at Jefferies Financial Group from $97.00 to $120.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the energy company's stock. Jefferies Financial Group's price target indicates a potential upside of 14.23% from the company's previous close.

ORA has been the subject of a number of other reports. JPMorgan Chase & Co. increased their target price on shares of Ormat Technologies from $75.00 to $85.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Baird R W upgraded shares of Ormat Technologies from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 30th. Barclays dropped their target price on shares of Ormat Technologies from $90.00 to $89.00 and set an "overweight" rating for the company in a report on Friday, August 8th. Robert W. Baird upgraded shares of Ormat Technologies from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $87.00 to $103.00 in a report on Wednesday, July 30th. Finally, Piper Sandler raised Ormat Technologies from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $90.00 to $102.00 in a research report on Wednesday, September 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Ormat Technologies has a consensus rating of "Moderate Buy" and an average price target of $97.90.

Ormat Technologies Price Performance

Shares of Ormat Technologies stock traded up $0.93 during trading on Tuesday, hitting $105.06. The stock had a trading volume of 79,671 shares, compared to its average volume of 513,778. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of 48.86, a P/E/G ratio of 4.71 and a beta of 0.69. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. Ormat Technologies has a 12 month low of $61.58 and a 12 month high of $105.42. The business's 50-day moving average is $91.93 and its 200 day moving average is $82.37.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, August 6th. The energy company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $234.02 million for the quarter, compared to analysts' expectations of $225.26 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The firm's revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current year.

Insider Buying and Selling at Ormat Technologies

In other news, Director Stanley Stern sold 400 shares of the business's stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $95.98, for a total transaction of $38,392.00. Following the completion of the sale, the director owned 4,861 shares of the company's stock, valued at $466,558.78. The trade was a 7.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Assi Ginzburg sold 9,343 shares of the business's stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $93.31, for a total transaction of $871,795.33. Following the sale, the chief financial officer directly owned 24,482 shares of the company's stock, valued at approximately $2,284,415.42. The trade was a 27.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,926 shares of company stock worth $3,861,296. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in Ormat Technologies by 4,485.0% in the 1st quarter. GAMMA Investing LLC now owns 39,844 shares of the energy company's stock worth $2,820,000 after buying an additional 38,975 shares during the period. UMB Bank n.a. boosted its holdings in Ormat Technologies by 42.6% in the 1st quarter. UMB Bank n.a. now owns 880 shares of the energy company's stock worth $62,000 after buying an additional 263 shares during the period. Wesbanco Bank Inc. boosted its holdings in Ormat Technologies by 26.2% in the 1st quarter. Wesbanco Bank Inc. now owns 28,400 shares of the energy company's stock worth $2,010,000 after buying an additional 5,900 shares during the period. Yousif Capital Management LLC boosted its holdings in Ormat Technologies by 3.7% in the 1st quarter. Yousif Capital Management LLC now owns 19,576 shares of the energy company's stock worth $1,385,000 after buying an additional 695 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in Ormat Technologies by 66.3% in the 1st quarter. Handelsbanken Fonder AB now owns 259,258 shares of the energy company's stock worth $18,348,000 after buying an additional 103,352 shares during the period. Institutional investors own 95.49% of the company's stock.

Ormat Technologies Company Profile

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.

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