JPMorgan Chase & Co. Cuts Ormat Technologies (NYSE:ORA) Price Target to $106.00

Key Points

• JPMorgan Chase lowered its price target on Ormat Technologies to $106 (from $108) and kept a "neutral" rating, implying about a 5.9% downside from the current stock price.
• Consensus remains more positive: eight analysts rate ORA a Buy and four rate it a Hold, giving an average analyst price target of $128.64 and an overall "Moderate Buy" consensus.
• Ormat's latest quarter delivered $0.67 EPS (in line with estimates) and revenue of $276.04M (beat estimates), with shares trading around $112.65 and a market cap of $6.85B.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $108.00 to $106.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s target price would indicate a potential downside of 5.90% from the stock's current price.

Several other research firms have also commented on ORA. Robert W. Baird lowered their price target on shares of Ormat Technologies from $143.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, February 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a report on Thursday, January 22nd. Piper Sandler upped their price target on shares of Ormat Technologies from $102.00 to $125.00 and gave the company an "overweight" rating in a report on Thursday, December 18th. UBS Group lowered their price target on shares of Ormat Technologies from $148.00 to $143.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Finally, Jefferies Financial Group lowered shares of Ormat Technologies from a "buy" rating to a "hold" rating and upped their price target for the company from $125.00 to $130.00 in a report on Friday, February 13th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $128.64.

Ormat Technologies Stock Performance

Shares of NYSE ORA traded down $1.16 during mid-day trading on Thursday, hitting $112.65. The stock had a trading volume of 704,431 shares, compared to its average volume of 786,860. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.75 and a current ratio of 0.81. The company has a 50 day moving average of $113.19 and a two-hundred day moving average of $112.52. Ormat Technologies has a twelve month low of $70.02 and a twelve month high of $132.58. The firm has a market cap of $6.85 billion, a PE ratio of 56.05, a PEG ratio of 4.85 and a beta of 0.80.

Ormat Technologies (NYSE:ORA - Get Free Report) last released its earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The firm had revenue of $276.04 million for the quarter, compared to the consensus estimate of $257.75 million. During the same period in the prior year, the firm earned $0.67 EPS. The firm's revenue was up 19.6% on a year-over-year basis. Research analysts predict that Ormat Technologies will post 1.94 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jessica Woelfel sold 2,359 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the sale, the insider directly owned 3,433 shares in the company, valued at $361,014.28. The trade was a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 3,364 shares of company stock valued at $353,621 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently added to or reduced their stakes in the stock. RWC Asset Management LLP grew its position in shares of Ormat Technologies by 8.8% in the third quarter. RWC Asset Management LLP now owns 136,101 shares of the energy company's stock valued at $13,100,000 after purchasing an additional 11,063 shares during the period. Retirement Systems of Alabama lifted its stake in Ormat Technologies by 169.7% in the 3rd quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company's stock valued at $18,286,000 after buying an additional 119,552 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Ormat Technologies in the 3rd quarter valued at about $3,738,000. AGF Management Ltd. purchased a new position in Ormat Technologies in the 3rd quarter valued at about $9,527,000. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in Ormat Technologies in the 3rd quarter valued at about $14,005,000. Institutional investors and hedge funds own 95.49% of the company's stock.

Ormat Technologies Company Profile

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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