JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Ormat Technologies (NYSE:ORA) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Ormat Technologies from $106 to $123, while keeping a neutral rating on the stock. The new target suggests only modest upside from the prior close.
• Other analysts remain generally positive, with several firms issuing Buy/Outperform ratings and an average target price of $132, giving Ormat an overall Moderate Buy consensus.
• Ormat’s latest quarterly results beat expectations, reporting $1.30 EPS versus $0.92 expected and revenue of $403.91 million, up 75.8% year over year. The stock traded near its 12-month high, closing around $122.56.

Ormat Technologies (NYSE:ORA - Get Free Report) had its price objective raised by investment analysts at JPMorgan Chase & Co. from $106.00 to $123.00 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 target indicates a potential upside of 0.36% from the company's previous close.

A number of other equities research analysts have also recently weighed in on the stock. Royal Bank Of Canada initiated coverage on shares of Ormat Technologies in a report on Tuesday, March 3rd. They issued an "outperform" rating and a $130.00 price objective on the stock. Oppenheimer restated an "outperform" rating and issued a $144.00 price objective on shares of Ormat Technologies in a report on Friday. Citigroup increased their price target on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a "neutral" rating in a report on Wednesday, February 18th. Robert W. Baird cut 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. Finally, TD Cowen cut their price target on shares of Ormat Technologies from $131.00 to $125.00 and set a "buy" rating on the stock in a report on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Ormat Technologies presently has an average rating of "Moderate Buy" and an average target price of $132.00.

Ormat Technologies Trading Up 0.0%

Shares of NYSE ORA traded up $0.04 during midday trading on Friday, hitting $122.56. 460,396 shares of the company traded hands, compared to its average volume of 811,813. Ormat Technologies has a 12-month low of $70.42 and a 12-month high of $132.58. 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 stock has a 50-day moving average price of $111.26 and a 200 day moving average price of $113.47. The firm has a market cap of $7.53 billion, a P/E ratio of 59.49, a P/E/G ratio of 5.03 and a beta of 0.80.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. The company had revenue of $403.91 million for the quarter, compared to analysts' expectations of $349.17 million. Ormat Technologies had a net margin of 10.97% and a return on equity of 6.65%. Ormat Technologies's quarterly revenue was up 75.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.68 earnings per share. As a group, analysts expect that Ormat Technologies will post 2.28 earnings per share for the current year.

Insiders Place Their Bets

In other Ormat Technologies news, insider Jessica Woelfel sold 2,359 shares of Ormat Technologies stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares of the company's stock, valued at $361,014.28. This trade represents a 40.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 3,364 shares of company stock worth $353,621 over the last three months. Company insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Ormat Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in shares of Ormat Technologies by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,910,292 shares of the energy company's stock worth $211,036,000 after acquiring an additional 43,749 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Ormat Technologies by 6.8% in the 4th quarter. Geode Capital Management LLC now owns 1,611,360 shares of the energy company's stock valued at $178,033,000 after purchasing an additional 102,864 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Ormat Technologies by 32.7% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company's stock valued at $128,469,000 after purchasing an additional 282,583 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Ormat Technologies by 62.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,073,639 shares of the energy company's stock valued at $89,928,000 after purchasing an additional 413,384 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Ormat Technologies by 155.8% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock valued at $97,935,000 after purchasing an additional 540,000 shares in the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.

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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