Ormat Technologies (NYSE:ORA) Stock Price Target Raised at JPMorgan Chase & Co.

Ormat Technologies (NYSE:ORA) had its target price upped by JPMorgan Chase & Co. from $98.00 to $99.00 in a research report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the energy company’s stock.

A number of other research analysts also recently commented on the company. Morgan Stanley began coverage on Ormat Technologies in a research note on Thursday, October 29th. They issued an “overweight” rating and a $123.00 price target for the company. Zacks Research cut shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research report on Friday, October 9th. Oppenheimer reduced their price objective on shares of Ormat Technologies from $145.00 to $130.00 and set an “outperform” rating on the stock in a research note on Friday. Sanford C. Bernstein reiterated a “market perform” rating and set a $112.00 price objective on shares of Ormat Technologies in a research note on Friday. Finally, TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $125.85.

Ormat Technologies Price Performance

Shares of NYSE ORA opened at $91.96 on Friday. The stock has a market capitalization of $5.66 billion, a PE ratio of 42.77, a P/E/G ratio of 3.31 and a beta of 0.89. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.88. The business has a fifty day moving average price of $93.71 and a two-hundred day moving average price of $110.93. Ormat Technologies has a fifty-two week low of $85.77 and a fifty-two week high of $146.39.

Ormat Technologies (NYSE:ORA) last released its earnings results on Wednesday, November 4th. The energy company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.23. The firm had revenue of $275.12 million during the quarter, compared to the consensus estimate of $248.36 million. Ormat Technologies had a return on equity of 6.90% and a net margin of 11.07%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. As a group, equities analysts predict that Ormat Technologies will post 2.78 earnings per share for the current fiscal year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Wednesday, November 18th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, November 18th. This represents a $0.48 annualized dividend and a yield of 0.5%. Ormat Technologies’s dividend payout ratio is presently 22.33%.

Institutional Investors Weigh In On Ormat Technologies

A number of large investors have recently modified their holdings of ORA. Main Street Group LTD bought a new stake in shares of Ormat Technologies during the first quarter worth $29,000. Quantbot Technologies LP acquired a new position in shares of Ormat Technologies during the second quarter worth $33,000. Allworth Financial LP bought a new position in shares of Ormat Technologies in the 2nd quarter valued at $40,000. Root Financial Partners LLC bought a new position in shares of Ormat Technologies in the 3rd quarter valued at $42,000. Finally, Balance Wealth Partners LLC bought a new position in shares of Ormat Technologies in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

About Ormat Technologies

Ormat Technologies is a renewable energy company that develops, owns and operates geothermal power plants and recovered energy generation facilities. It also provides equipment and services for geothermal projects, including its Ormat Energy Converter technology, which converts heat from geothermal resources and industrial processes into electricity.

The company’s activities include project development and engineering, construction, plant operation and maintenance, and energy storage. Its geothermal and energy storage operations serve markets in the United States and internationally, including countries in Central America, the Caribbean, Africa and Asia.

Founded in 1965 by Lucien and Dita Bronicki, Ormat began as an engineering company in Israel and later expanded into geothermal power development and operations.