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

Ormat Technologies (NYSE:ORA) had its price target lifted by JPMorgan Chase & Co. from $99.00 to $111.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

ORA has been the subject of several other reports. UBS Group lifted their price target on Ormat Technologies from $100.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Piper Sandler upgraded Ormat Technologies from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $90.00 to $102.00 in a report on Wednesday, September 17th. Jefferies Financial Group lifted their price target on Ormat Technologies from $97.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ormat Technologies in a research note on Wednesday, October 8th. Finally, Cowen reiterated a “hold” rating on shares of Ormat Technologies in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.20.

Ormat Technologies Stock Performance

Shares of ORA stock opened at $113.91 on Wednesday. Ormat Technologies has a 1-year low of $61.58 and a 1-year high of $115.72. The company has a current ratio of 0.70, a quick ratio of 0.64 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 52.98, a P/E/G ratio of 4.84 and a beta of 0.69. The stock’s fifty day simple moving average is $99.65 and its 200-day simple moving average is $88.11.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings results on Monday, November 3rd. The energy company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Ormat Technologies had a return on equity of 5.47% and a net margin of 14.49%.The business had revenue of $249.73 million for the quarter, compared to the consensus estimate of $235.03 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. Ormat Technologies’s revenue for the quarter was up 17.9% compared to the same quarter last year. Ormat Technologies has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Ormat Technologies will post 1.94 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, November 17th. Ormat Technologies’s payout ratio is currently 22.33%.

Insider Buying and Selling at Ormat Technologies

In related news, CEO Doron Blachar sold 14,994 shares of the business’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $94.71, for a total transaction of $1,420,081.74. Following the completion of the transaction, the chief executive officer owned 35,419 shares of the company’s stock, valued at approximately $3,354,533.49. The trade was a 29.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Assi Ginzburg sold 9,343 shares of the business’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $93.31, for a total value of $871,795.33. Following the transaction, the chief financial officer directly owned 24,482 shares of the company’s stock, valued at $2,284,415.42. This represents a 27.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 40,926 shares of company stock worth $3,861,296 in the last ninety days. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Ormat Technologies

Several large investors have recently made changes to their positions in ORA. Norges Bank acquired a new position in shares of Ormat Technologies during the 2nd quarter worth about $56,458,000. Canada Pension Plan Investment Board raised its holdings in Ormat Technologies by 7,951.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 660,255 shares of the energy company’s stock valued at $46,726,000 after acquiring an additional 652,055 shares in the last quarter. Groupama Asset Managment acquired a new position in Ormat Technologies in the 2nd quarter valued at approximately $41,880,000. Dimensional Fund Advisors LP raised its holdings in Ormat Technologies by 19.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,890,235 shares of the energy company’s stock valued at $133,770,000 after acquiring an additional 303,756 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in Ormat Technologies in the 2nd quarter valued at approximately $18,310,000. 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.