Oppenheimer Boosts Ormat Technologies (NYSE:ORA) Price Target to $85.00

Ormat Technologies (NYSE:ORA) had its price target upped by equities research analysts at Oppenheimer from $83.00 to $85.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the energy company’s stock. Oppenheimer’s price objective points to a potential upside of 19.89% from the company’s previous close.

Several other brokerages also recently weighed in on ORA. UBS Group lifted their target price on Ormat Technologies from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 14th. TD Cowen lifted their price objective on shares of Ormat Technologies from $70.00 to $76.00 and gave the company a “hold” rating in a research report on Friday, May 10th. Finally, Barclays cut their price objective on shares of Ormat Technologies from $75.00 to $73.00 and set an “equal weight” rating for the company in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $84.17.

Ormat Technologies Stock Performance

Shares of ORA opened at $70.90 on Friday. The company’s 50 day simple moving average is $70.04 and its 200-day simple moving average is $68.79. Ormat Technologies has a 12-month low of $58.73 and a 12-month high of $85.82. The firm has a market cap of $4.28 billion, a PE ratio of 31.94, a price-to-earnings-growth ratio of 3.54 and a beta of 0.53. The company has a current ratio of 1.12, a quick ratio of 1.02 and a debt-to-equity ratio of 0.73.

Ormat Technologies (NYSE:ORA) last posted its quarterly earnings data on Wednesday, May 8th. The energy company reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.03). Ormat Technologies had a net margin of 15.43% and a return on equity of 5.45%. The business had revenue of $224.17 million during the quarter, compared to analyst estimates of $224.38 million. As a group, equities analysts predict that Ormat Technologies will post 2.07 EPS for the current year.

Insider Activity

In related news, Director Stanley Stern sold 1,825 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $66.95, for a total transaction of $122,183.75. Following the sale, the director now owns 4,835 shares of the company’s stock, valued at $323,703.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director David Granot sold 686 shares of Ormat Technologies stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $73.46, for a total transaction of $50,393.56. Following the completion of the transaction, the director now owns 4,832 shares of the company’s stock, valued at approximately $354,958.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Stanley Stern sold 1,825 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $66.95, for a total transaction of $122,183.75. Following the completion of the sale, the director now directly owns 4,835 shares in the company, valued at $323,703.25. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Ormat Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Evexia Wealth LLC increased its stake in shares of Ormat Technologies by 2.7% during the 4th quarter. Evexia Wealth LLC now owns 6,096 shares of the energy company’s stock worth $462,000 after purchasing an additional 160 shares in the last quarter. LGT Capital Partners LTD. grew its holdings in Ormat Technologies by 26.6% during the 4th quarter. LGT Capital Partners LTD. now owns 524,710 shares of the energy company’s stock valued at $39,768,000 after buying an additional 110,330 shares during the last quarter. Capstone Investment Advisors LLC raised its holdings in shares of Ormat Technologies by 265.2% in the fourth quarter. Capstone Investment Advisors LLC now owns 14,293 shares of the energy company’s stock worth $1,083,000 after acquiring an additional 10,379 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Ormat Technologies by 25.0% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 864,232 shares of the energy company’s stock worth $65,500,000 after acquiring an additional 172,934 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Ormat Technologies by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,256,304 shares of the energy company’s stock valued at $95,220,000 after acquiring an additional 31,450 shares in the last quarter. Institutional investors and hedge funds 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.