Barclays Increases Ormat Technologies (NYSE:ORA) Price Target to $123.00

Ormat Technologies (NYSE:ORA) had its target price hoisted by research analysts at Barclays from $108.00 to $123.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the energy company’s stock. Barclays‘s target price would suggest a potential upside of 15.76% from the company’s previous close.

A number of other equities research analysts have also recently commented on ORA. Jefferies Financial Group cut shares of Ormat Technologies from a “buy” rating to a “hold” rating and lifted their price target for the stock from $125.00 to $130.00 in a report on Friday, February 13th. Robert W. Baird dropped their price target on Ormat Technologies from $143.00 to $130.00 and set an “outperform” rating on the stock in a research report on Friday, February 27th. Piper Sandler lifted their price objective on Ormat Technologies from $102.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Citigroup upped their price objective on shares of Ormat Technologies from $110.00 to $128.00 and gave the company a “neutral” rating in a report on Wednesday, February 18th. Finally, Roth Mkm set a $139.00 target price on shares of Ormat Technologies in a research note on Wednesday, January 28th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.09.

Ormat Technologies Stock Performance

Shares of ORA opened at $106.25 on Monday. The stock has a 50 day moving average of $118.23 and a 200 day moving average of $108.60. The company has a current ratio of 0.81, a quick ratio of 0.75 and a debt-to-equity ratio of 0.79. Ormat Technologies has a 12 month low of $64.39 and a 12 month high of $132.58. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of 52.86, a PEG ratio of 4.54 and a beta of 0.84.

Ormat Technologies (NYSE:ORA) last announced its earnings results on Wednesday, February 25th. The energy company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $276.04 million during the quarter, compared to analyst estimates of $257.75 million. Ormat Technologies had a return on equity of 5.21% and a net margin of 12.52%.The business’s revenue was up 19.6% compared to the same quarter last year. During the same period last year, the firm posted $0.67 EPS. As a group, sell-side analysts forecast that Ormat Technologies will post 1.94 earnings per share for the current year.

Institutional Trading of Ormat Technologies

Several institutional investors and hedge funds have recently bought and sold shares of ORA. Signaturefd LLC boosted its holdings in Ormat Technologies by 13.0% in the 4th quarter. Signaturefd LLC now owns 746 shares of the energy company’s stock valued at $82,000 after purchasing an additional 86 shares during the period. Quadrant Capital Group LLC boosted its stake in Ormat Technologies by 9.4% during the fourth quarter. Quadrant Capital Group LLC now owns 1,153 shares of the energy company’s stock valued at $127,000 after buying an additional 99 shares during the period. Jones Financial Companies Lllp boosted its stake in Ormat Technologies by 43.8% during the third quarter. Jones Financial Companies Lllp now owns 371 shares of the energy company’s stock valued at $35,000 after buying an additional 113 shares during the period. State of Wyoming grew its position in Ormat Technologies by 6.7% during the fourth quarter. State of Wyoming now owns 2,091 shares of the energy company’s stock worth $231,000 after buying an additional 131 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Ormat Technologies by 9.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,609 shares of the energy company’s stock worth $135,000 after acquiring an additional 144 shares during the last quarter. 95.49% of the stock is currently owned by hedge funds and other institutional investors.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company’s core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat’s offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.