JPMorgan Chase & Co. Issues Positive Forecast for Ormat Technologies (NYSE:ORA) Stock Price

Key Points

• JPMorgan Chase & Co. has increased its target price for Ormat Technologies from $88.00 to $99.00, maintaining a "neutral" rating, which suggests a potential downside from the current stock price.
• Other analysts, such as Piper Sandler and Jefferies Financial Group, have upgraded Ormat's ratings, indicating a growing bullish sentiment towards the company.
• Ormat Technologies reported a strong quarterly earnings performance, beating estimates with $0.48 EPS and a revenue increase of 9.9% year-over-year.

Ormat Technologies (NYSE:ORA - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $88.00 to $99.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 9.69% from the stock's current price.

A number of other research analysts also recently issued reports on the company. Piper Sandler upgraded Ormat Technologies from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $90.00 to $102.00 in a research note on Wednesday, September 17th. Cowen reiterated a "hold" rating on shares of Ormat Technologies in a research note on Friday, August 8th. Jefferies Financial Group boosted their price objective on Ormat Technologies from $97.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, October 7th. Weiss Ratings restated a "hold (c)" rating on shares of Ormat Technologies in a research note on Wednesday, October 8th. Finally, UBS Group upped their price target on Ormat Technologies from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $99.30.

Ormat Technologies Stock Performance

Shares of NYSE:ORA traded up $0.42 during mid-day trading on Thursday, reaching $109.63. 168,734 shares of the company traded hands, compared to its average volume of 518,440. The company's 50 day moving average price is $94.59 and its 200-day moving average price is $83.95. The firm has a market cap of $6.66 billion, a PE ratio of 51.02, a PEG ratio of 4.88 and a beta of 0.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.70 and a quick ratio of 0.64. Ormat Technologies has a 52 week low of $61.58 and a 52 week high of $111.08.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.11. The company had revenue of $234.02 million during the quarter, compared to the consensus estimate of $225.26 million. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The firm's revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 EPS. On average, equities analysts expect that Ormat Technologies will post 1.94 EPS for the current fiscal year.

Insider Buying and Selling at Ormat Technologies

In other news, insider Jessica Woelfel sold 5,611 shares of the company's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $94.80, for a total transaction of $531,922.80. Following the sale, the insider directly owned 3,433 shares of the company's stock, valued at $325,448.40. This represents a 62.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Assi Ginzburg sold 9,343 shares of the stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $93.31, for a total value of $871,795.33. Following the sale, the chief financial officer owned 24,482 shares in the company, valued at $2,284,415.42. The trade was a 27.62% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,926 shares of company stock worth $3,861,296. Company insiders own 0.56% of the company's stock.

Institutional Trading of Ormat Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of ORA. Assenagon Asset Management S.A. purchased a new stake in Ormat Technologies during the 1st quarter valued at $1,120,000. QRG Capital Management Inc. bought a new position in shares of Ormat Technologies in the first quarter worth about $239,000. State of Alaska Department of Revenue increased its stake in Ormat Technologies by 8.2% in the 1st quarter. State of Alaska Department of Revenue now owns 6,731 shares of the energy company's stock worth $476,000 after buying an additional 510 shares during the period. TT International Asset Management LTD purchased a new position in Ormat Technologies in the 1st quarter worth about $1,196,000. Finally, Perigon Wealth Management LLC increased its stake in Ormat Technologies by 8.8% in the 1st quarter. Perigon Wealth Management LLC now owns 3,440 shares of the energy company's stock worth $243,000 after buying an additional 278 shares during the period. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.