Ormat Technologies (ORA) Raised to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Ormat Technologies (NYSE:ORA) from a neutral rating to an overweight rating in a research report released on Thursday, Marketbeat Ratings reports. They currently have $60.00 target price on the energy company’s stock, down from their previous target price of $64.00.

A number of other research firms have also recently issued reports on ORA. Zacks Investment Research upgraded Ormat Technologies from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research report on Wednesday, July 18th. Guggenheim cut Ormat Technologies from a buy rating to a neutral rating and set a $72.00 price target on the stock. in a research report on Wednesday, June 13th. Roth Capital set a $67.00 price target on Ormat Technologies and gave the company a buy rating in a research report on Sunday, May 20th. Finally, ValuEngine cut Ormat Technologies from a hold rating to a sell rating in a research report on Tuesday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $65.67.

Ormat Technologies stock traded down $1.84 during mid-day trading on Thursday, reaching $51.74. The company’s stock had a trading volume of 151,901 shares, compared to its average volume of 195,508. Ormat Technologies has a twelve month low of $45.79 and a twelve month high of $70.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.16 and a quick ratio of 1.47. The company has a market cap of $2.71 billion, a PE ratio of 17.30, a P/E/G ratio of 2.47 and a beta of 1.40.

Ormat Technologies (NYSE:ORA) last posted its earnings results on Tuesday, August 7th. The energy company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.17). Ormat Technologies had a return on equity of 9.60% and a net margin of 18.88%. The company had revenue of $178.30 million during the quarter, compared to analyst estimates of $176.06 million. equities research analysts anticipate that Ormat Technologies will post 1.87 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 29th. Shareholders of record on Tuesday, August 21st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Monday, August 20th. Ormat Technologies’s dividend payout ratio (DPR) is 13.38%.

In other news, VP Erez Klein sold 4,120 shares of the stock in a transaction on Friday, June 22nd. The stock was sold at an average price of $54.50, for a total transaction of $224,540.00. Following the sale, the vice president now owns 4,120 shares in the company, valued at $224,540. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Smithfield Trust Co. purchased a new position in shares of Ormat Technologies during the second quarter valued at approximately $129,000. Cubist Systematic Strategies LLC bought a new stake in Ormat Technologies in the 1st quarter worth approximately $182,000. SG Americas Securities LLC grew its position in Ormat Technologies by 37.1% in the 1st quarter. SG Americas Securities LLC now owns 3,946 shares of the energy company’s stock worth $222,000 after purchasing an additional 1,068 shares during the period. Xact Kapitalforvaltning AB bought a new stake in Ormat Technologies in the 4th quarter worth approximately $265,000. Finally, West Branch Capital LLC bought a new stake in Ormat Technologies in the 1st quarter worth approximately $235,000. Institutional investors own 70.60% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.

Further Reading: Marijuana Stocks Investing Considerations

Analyst Recommendations for Ormat Technologies (NYSE:ORA)

Receive News & Ratings for Ormat Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ormat Technologies and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply