Ormat Technologies (NYSE:ORA) Price Target Raised to $75.00 at JPMorgan Chase & Co.

Ormat Technologies (NYSE:ORA) had its target price raised by JPMorgan Chase & Co. from $71.00 to $75.00 in a research report sent to investors on Friday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the energy company’s stock.

Several other brokerages have also recently issued reports on ORA. Oppenheimer raised their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Jefferies Financial Group raised shares of Ormat Technologies from a “hold” rating to a “buy” rating and raised their target price for the stock from $73.00 to $78.00 in a report on Thursday, February 20th. Piper Sandler started coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price for the company. Finally, Roth Mkm reissued a “buy” rating and set a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

Ormat Technologies Trading Up 1.3 %

Shares of Ormat Technologies stock opened at $69.85 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87. The firm has a fifty day moving average price of $66.44 and a 200 day moving average price of $73.21. Ormat Technologies has a 1 year low of $59.41 and a 1 year high of $84.30. The stock has a market cap of $4.22 billion, a PE ratio of 35.64, a price-to-earnings-growth ratio of 3.18 and a beta of 0.57.

Ormat Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 12th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, March 12th. This represents a $0.48 annualized dividend and a yield of 0.69%. Ormat Technologies’s dividend payout ratio is presently 23.53%.

Insider Activity at Ormat Technologies

In other news, Director David Granot sold 1,256 shares of Ormat Technologies stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $82.00, for a total value of $102,992.00. Following the sale, the director now owns 3,576 shares in the company, valued at $293,232. This trade represents a 25.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Corp Orix sold 3,700,000 shares of Ormat Technologies stock in a transaction dated 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 completion of the sale, the insider now owns 2,976,077 shares in the company, valued at approximately $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 owned by company insiders.

Institutional Trading of Ormat Technologies

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in Ormat Technologies by 180.3% during the third quarter. Blue Trust Inc. now owns 356 shares of the energy company’s stock worth $26,000 after acquiring an additional 229 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in Ormat Technologies during the third quarter worth about $1,113,000. State of Alaska Department of Revenue boosted its position in Ormat Technologies by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 6,221 shares of the energy company’s stock worth $478,000 after acquiring an additional 420 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its position in Ormat Technologies by 4.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 26,554 shares of the energy company’s stock worth $2,043,000 after acquiring an additional 1,125 shares during the last quarter. Finally, Empower Advisory Group LLC boosted its position in Ormat Technologies by 4.5% during the third quarter. Empower Advisory Group LLC now owns 194,680 shares of the energy company’s stock worth $14,979,000 after acquiring an additional 8,403 shares during 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.