Jefferies Financial Group Increases Ormat Technologies (NYSE:ORA) Price Target to $86.00

Ormat Technologies (NYSE:ORA) had its price target lifted by Jefferies Financial Group from $78.00 to $86.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the energy company’s stock.

A number of other research analysts have also recently issued reports on the stock. Piper Sandler initiated coverage on shares of Ormat Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $78.00 price target for the company. Robert W. Baird began coverage on Ormat Technologies in a research note on Thursday, March 13th. They issued a “neutral” rating and a $81.00 target price for the company. Baird R W upgraded Ormat Technologies to a “hold” rating in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. raised their price objective on Ormat Technologies from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 28th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $83.56.

Ormat Technologies Price Performance

Shares of ORA stock opened at $71.24 on Tuesday. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 36.35, a PEG ratio of 3.18 and a beta of 0.51. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The stock’s 50-day simple moving average is $67.42 and its 200-day simple moving average is $72.90. Ormat Technologies has a fifty-two week low of $59.41 and a fifty-two week high of $84.30.

Ormat Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 12th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Wednesday, March 12th. Ormat Technologies’s payout ratio is currently 23.53%.

Insider Activity

In other Ormat Technologies news, insider Jessica Woelfel sold 409 shares of the company’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $72.15, for a total value of $29,509.35. Following the completion of the sale, the insider now directly owns 6,094 shares in the company, valued at $439,682.10. This represents a 6.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David Granot sold 1,666 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $69.00, for a total transaction of $114,954.00. Following the completion of the sale, the director now directly owns 1,910 shares of the company’s stock, valued at approximately $131,790. This trade represents a 46.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,242 shares of company stock worth $156,427 in the last quarter. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Ormat Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathstone Holdings LLC raised its position in Ormat Technologies by 2.4% in the third quarter. Pathstone Holdings LLC now owns 17,729 shares of the energy company’s stock valued at $1,364,000 after purchasing an additional 422 shares during the period. Advisors Asset Management Inc. lifted its holdings in Ormat Technologies by 10.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,227 shares of the energy company’s stock worth $864,000 after buying an additional 1,070 shares during the last quarter. Intech Investment Management LLC acquired a new position in Ormat Technologies in the third quarter valued at approximately $895,000. Cerity Partners LLC grew its holdings in shares of Ormat Technologies by 62.5% during the third quarter. Cerity Partners LLC now owns 5,496 shares of the energy company’s stock worth $423,000 after purchasing an additional 2,114 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its position in Ormat Technologies by 2.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 182,939 shares of the energy company’s stock worth $14,075,000 after buying an additional 4,722 shares during the period. 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.