Ormat Technologies (NYSE:ORA) Raised to Buy at Jefferies Financial Group

Ormat Technologies (NYSE:ORA) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage presently has a $78.00 price target on the energy company’s stock, up from their prior price target of $73.00. Jefferies Financial Group’s price objective would indicate a potential upside of 18.12% from the company’s previous close.

A number of other brokerages have also issued reports on ORA. Roth Mkm restated a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research note on Friday, November 8th. Piper Sandler started coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 target price on the stock. Finally, Oppenheimer upped their price objective on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Four equities 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 a consensus rating of “Moderate Buy” and an average target price of $82.88.

Ormat Technologies Price Performance

Shares of ORA opened at $66.03 on Thursday. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 3.07 and a beta of 0.57. Ormat Technologies has a twelve month low of $59.41 and a twelve month high of $84.30. The company has a quick ratio of 0.87, a current ratio of 0.95 and a debt-to-equity ratio of 0.73. The company has a 50 day moving average of $66.70 and a two-hundred day moving average of $73.39.

Insider Activity

In other news, Director David Granot sold 1,256 shares of the 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 completion of the sale, the director now directly owns 3,576 shares in the company, valued at $293,232. This represents a 25.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Corp Orix sold 3,700,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the sale, the insider now owns 2,976,077 shares of the company’s stock, valued at approximately $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. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. boosted its stake 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 buying an additional 229 shares during the period. Versant Capital Management Inc boosted its stake in Ormat Technologies by 132.4% during the fourth quarter. Versant Capital Management Inc now owns 402 shares of the energy company’s stock worth $27,000 after buying an additional 229 shares during the period. Stuart Chaussee & Associates Inc. purchased a new position in Ormat Technologies during the fourth quarter worth about $34,000. AlphaQuest LLC boosted its stake in Ormat Technologies by 4,691.7% during the fourth quarter. AlphaQuest LLC now owns 575 shares of the energy company’s stock worth $39,000 after buying an additional 563 shares during the period. Finally, Headlands Technologies LLC purchased a new position in Ormat Technologies during the fourth quarter worth about $66,000. Hedge funds and other institutional investors own 95.49% of the company’s stock.

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.