JPMorgan Chase & Co. Raises Ormat Technologies (NYSE:ORA) Price Target to $85.00

Ormat Technologies (NYSE:ORA - Get Free Report) had its price target lifted by analysts at JPMorgan Chase & Co. from $75.00 to $85.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the energy company's stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 5.95% from the stock's current price.

A number of other analysts have also recently commented on ORA. Barclays upped their price objective on shares of Ormat Technologies from $86.00 to $90.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Ormat Technologies from a "sell" rating to a "hold" rating in a research report on Monday, April 7th. Finally, Jefferies Financial Group lifted their target price on shares of Ormat Technologies from $78.00 to $86.00 and gave the stock a "buy" rating in a research note on Tuesday, March 25th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Ormat Technologies currently has a consensus rating of "Hold" and an average price target of $86.14.

Ormat Technologies Price Performance

ORA stock traded up $0.77 during mid-day trading on Tuesday, reaching $90.37. 425,080 shares of the company traded hands, compared to its average volume of 489,457. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.90. Ormat Technologies has a 52-week low of $61.58 and a 52-week high of $92.24. The company has a fifty day moving average price of $80.36 and a 200-day moving average price of $72.84. The company has a market capitalization of $5.48 billion, a P/E ratio of 43.87, a P/E/G ratio of 4.32 and a beta of 0.64.

Ormat Technologies (NYSE:ORA - Get Free Report) last announced its earnings results on Wednesday, May 7th. The energy company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.10. Ormat Technologies had a return on equity of 5.35% and a net margin of 14.18%. The company had revenue of $229.76 million for the quarter, compared to analyst estimates of $228.33 million. During the same period in the prior year, the company posted $0.64 EPS. The firm's quarterly revenue was up 2.5% compared to the same quarter last year. As a group, analysts anticipate that Ormat Technologies will post 1.94 earnings per share for the current year.

Insider Buying and Selling

In other Ormat Technologies news, Director Dafna Sharir sold 1,601 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.63, for a total value of $137,093.63. Following the completion of the transaction, the director owned 3,238 shares of the company's stock, valued at $277,269.94. This trade represents a 33.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Stanley Stern sold 547 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.54, for a total transaction of $46,790.38. Following the sale, the director directly owned 6,137 shares in the company, valued at approximately $524,958.98. This represents a 8.18% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,329 shares of company stock worth $423,443 in the last quarter. Company insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ORA. QRG Capital Management Inc. increased its stake in Ormat Technologies by 26.6% during the 2nd quarter. QRG Capital Management Inc. now owns 4,283 shares of the energy company's stock worth $359,000 after purchasing an additional 901 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ormat Technologies by 100.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,000 shares of the energy company's stock worth $2,513,000 after purchasing an additional 15,000 shares during the period. Perigon Wealth Management LLC grew its stake in Ormat Technologies by 9.6% in the 2nd quarter. Perigon Wealth Management LLC now owns 3,771 shares of the energy company's stock valued at $316,000 after purchasing an additional 331 shares during the period. GAMMA Investing LLC grew its stake in shares of Ormat Technologies by 57.4% during the 2nd quarter. GAMMA Investing LLC now owns 886 shares of the energy company's stock worth $74,000 after acquiring an additional 323 shares during the period. Finally, UMB Bank n.a. raised its holdings in shares of Ormat Technologies by 20.3% in the 2nd quarter. UMB Bank n.a. now owns 1,059 shares of the energy company's stock valued at $89,000 after acquiring an additional 179 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 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.