Ormat Technologies (NYSE:ORA) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Ormat Technologies (NYSE:ORA) in a note issued to investors on Friday, MarketBeat reports. The brokerage set a “hold” rating and a $73.00 price target on the energy company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 10.81% from the stock’s previous close.

ORA has been the subject of a number of other research reports. Piper Sandler initiated coverage on Ormat Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective for the company. Oppenheimer lifted their target price on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Roth Mkm reissued a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ormat Technologies has a consensus rating of “Hold” and an average price target of $82.25.

Ormat Technologies Stock Down 3.9 %

Shares of NYSE:ORA opened at $65.88 on Friday. The stock has a fifty day simple moving average of $75.55 and a two-hundred day simple moving average of $75.19. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of 33.61, a PEG ratio of 3.75 and a beta of 0.57. Ormat Technologies has a 12-month low of $59.41 and a 12-month high of $84.30. The company has a current ratio of 0.95, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73.

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

Insider Buying and Selling

In other Ormat Technologies news, Director David Granot sold 1,256 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the sale, the director now owns 3,576 shares of the company’s stock, valued at approximately $293,232. The trade was a 25.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the transaction, the insider now owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. 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

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

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.