Ormat Technologies (NYSE:ORA) Now Covered by Jefferies Financial Group

Research analysts at Jefferies Financial Group assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a report issued on Friday,Briefing.com Automated Import reports. The brokerage set a “hold” rating and a $73.00 price target on the energy company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 6.55% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler assumed coverage on shares of Ormat Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price objective on the stock. Oppenheimer upped their price target on Ormat Technologies from $86.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Roth Mkm reissued a “buy” rating and set a $92.00 price objective (up from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $82.25.

Ormat Technologies Stock Down 2.0 %

Ormat Technologies stock opened at $68.51 on Friday. The firm has a market capitalization of $4.14 billion, a P/E ratio of 34.95, a P/E/G ratio of 3.75 and a beta of 0.57. The company has a 50-day simple moving average of $75.80 and a 200-day simple moving average of $75.23. Ormat Technologies has a one year low of $59.41 and a one year high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, November 6th. The energy company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The business had revenue of $211.80 million for the quarter, compared to analysts’ expectations of $215.53 million. Ormat Technologies had a net margin of 13.33% and a return on equity of 5.27%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.47 earnings per share. As a group, equities analysts expect that Ormat Technologies will post 1.93 earnings per share for the current year.

Insider Activity

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the transaction, the director now owns 3,576 shares in the company, valued at approximately $293,232. This represents a 25.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. This trade represents a 55.42 % decrease in their position. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ormat Technologies

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock valued at $26,000 after buying an additional 229 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Ormat Technologies by 132.4% in the 4th quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock valued at $27,000 after acquiring an additional 229 shares in the last quarter. UMB Bank n.a. lifted its holdings in Ormat Technologies by 107.7% in the 3rd quarter. UMB Bank n.a. now owns 617 shares of the energy company’s stock worth $47,000 after purchasing an additional 320 shares during the last quarter. GAMMA Investing LLC boosted its position in Ormat Technologies by 44.0% during the third quarter. GAMMA Investing LLC now owns 1,051 shares of the energy company’s stock worth $81,000 after purchasing an additional 321 shares during the period. Finally, DMC Group LLC acquired a new position in Ormat Technologies during the third quarter valued at approximately $204,000. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

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.