Ormat Technologies (NYSE:ORA) Upgraded to “Buy” at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Ormat Technologies (NYSE:ORA) from a hold rating to a buy rating in a research report released on Thursday, MarketBeat.com reports. Jefferies Financial Group currently has $78.00 target price on the energy company’s stock, up from their prior target price of $73.00.

Several other equities analysts also recently weighed in on ORA. Oppenheimer raised their price target on Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Piper Sandler assumed coverage on Ormat Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price objective on the stock. Finally, Roth Mkm restated a “buy” rating and set a $92.00 price objective (up previously from $87.00) on shares of Ormat Technologies in a report on Friday, November 8th. Four 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, Ormat Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

Ormat Technologies Stock Performance

NYSE ORA opened at $69.43 on Thursday. Ormat Technologies has a 1-year low of $59.41 and a 1-year high of $84.30. The company has a market capitalization of $4.20 billion, a P/E ratio of 35.42, a PEG ratio of 3.09 and a beta of 0.57. The business has a 50 day moving average price of $66.60 and a 200 day moving average price of $73.36. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.95 and a quick ratio of 0.87.

Insider Transactions at Ormat Technologies

In related news, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $75.38, for a total value of $278,906,000.00. Following the completion of the sale, the insider now directly owns 2,976,077 shares of the company’s stock, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Granot sold 1,256 shares of the business’s 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 of the company’s stock, valued at approximately $293,232. This represents a 25.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Ormat Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Chesapeake Capital Corp IL bought a new stake in Ormat Technologies in the third quarter valued at about $522,000. Holocene Advisors LP increased its holdings in Ormat Technologies by 28.7% in the third quarter. Holocene Advisors LP now owns 48,121 shares of the energy company’s stock valued at $3,702,000 after buying an additional 10,718 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management boosted its stake in Ormat Technologies by 57.3% in the fourth quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management now owns 223,937 shares of the energy company’s stock valued at $15,165,000 after acquiring an additional 81,547 shares during the period. Van ECK Associates Corp boosted its stake in Ormat Technologies by 8.6% in the fourth quarter. Van ECK Associates Corp now owns 418,653 shares of the energy company’s stock valued at $28,352,000 after acquiring an additional 33,279 shares during the period. Finally, Y.D. More Investments Ltd boosted its stake in Ormat Technologies by 13.2% in the fourth quarter. Y.D. More Investments Ltd now owns 524,416 shares of the energy company’s stock valued at $36,030,000 after acquiring an additional 61,236 shares during the period. 95.49% of the stock is owned by institutional investors.

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.