Ormat Technologies (NYSE:ORA) Price Target Raised to $99.00

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

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a research note on Friday, October 9th. Sanford C. Bernstein reissued a “market perform” rating and issued a $112.00 price target on shares of Ormat Technologies in a research note on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a report on Thursday, October 15th. Barclays reduced their price target on shares of Ormat Technologies from $122.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, TD Cowen raised shares of Ormat Technologies to a “strong-buy” rating in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $125.85.

Ormat Technologies Stock Up 0.1%

Shares of ORA opened at $91.96 on Friday. Ormat Technologies has a 52-week low of $85.77 and a 52-week high of $146.39. The company has a market capitalization of $5.66 billion, a PE ratio of 42.77, a price-to-earnings-growth ratio of 3.31 and a beta of 0.89. The stock has a fifty day simple moving average of $93.71 and a two-hundred day simple moving average of $110.93. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

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

Ormat Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Wednesday, November 18th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 18th. Ormat Technologies’s dividend payout ratio (DPR) is currently 22.33%.

Institutional Investors Weigh In On Ormat Technologies

Several institutional investors and hedge funds have recently modified their holdings of ORA. Jupiter Topco LLC acquired a new stake in Ormat Technologies during the 2nd quarter worth approximately $2,979,000. Deutsche Bank AG purchased a new position in Ormat Technologies in the 2nd quarter valued at approximately $42,015,000. Trillium Asset Management LLC purchased a new position in Ormat Technologies in the 2nd quarter valued at approximately $16,106,000. Readystate Asset Management LP acquired a new position in shares of Ormat Technologies in the second quarter worth $3,165,000. Finally, BlackRock Inc. acquired a new position in shares of Ormat Technologies in the second quarter worth $896,374,000. Hedge funds and other institutional investors 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.