JPMorgan Chase reissued their overweight rating on shares of Ormat Technologies (NYSE:ORA) in a research note released on Friday, March 16th. JPMorgan Chase currently has a $68.00 price target on the energy company’s stock, down from their previous price target of $70.00.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Ormat Technologies from a hold rating to a buy rating and set a $72.00 target price on the stock in a research note on Wednesday, January 3rd. Roth Capital reduced their price target on shares of Ormat Technologies from $70.00 to $67.00 and set a buy rating on the stock in a research note on Friday, March 2nd. Cowen reissued a buy rating and issued a $75.00 price target on shares of Ormat Technologies in a research note on Wednesday, January 24th. UBS started coverage on shares of Ormat Technologies in a research note on Friday, March 16th. They set a neutral rating on the stock. Finally, Guggenheim started coverage on shares of Ormat Technologies in a research note on Monday, January 8th. They set a buy rating and a $72.00 target price on the stock. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $68.57.
Shares of NYSE ORA traded down $1.91 during trading on Friday, hitting $55.79. The company had a trading volume of 263,659 shares, compared to its average volume of 227,666. Ormat Technologies has a fifty-two week low of $53.45 and a fifty-two week high of $70.68. The firm has a market cap of $2,919.45, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 1.81 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.61.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Wednesday, March 14th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, March 13th. This represents a $0.92 dividend on an annualized basis and a yield of 1.65%. This is an increase from Ormat Technologies’s previous quarterly dividend of $0.08. Ormat Technologies’s dividend payout ratio is presently 30.77%.
A number of institutional investors have recently made changes to their positions in ORA. Royal Bank of Canada increased its holdings in shares of Ormat Technologies by 1.7% in the 2nd quarter. Royal Bank of Canada now owns 2,008 shares of the energy company’s stock valued at $117,000 after purchasing an additional 34 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Ormat Technologies by 43.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,614 shares of the energy company’s stock valued at $167,000 after acquiring an additional 791 shares during the last quarter. Cortina Asset Management LLC grew its stake in Ormat Technologies by 0.6% in the 4th quarter. Cortina Asset Management LLC now owns 133,718 shares of the energy company’s stock valued at $8,553,000 after acquiring an additional 846 shares during the last quarter. Advisor Group Inc. grew its stake in Ormat Technologies by 39.1% in the 3rd quarter. Advisor Group Inc. now owns 3,201 shares of the energy company’s stock valued at $196,000 after acquiring an additional 899 shares during the last quarter. Finally, Swiss National Bank grew its stake in Ormat Technologies by 2.1% in the 4th quarter. Swiss National Bank now owns 63,834 shares of the energy company’s stock valued at $4,083,000 after acquiring an additional 1,300 shares during the last quarter. Institutional investors own 70.55% of the company’s stock.
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About Ormat Technologies
Ormat Technologies, Inc engages in the geothermal and recovered energy power business worldwide. The company operates through Electricity and Product segments. The Electricity segment develops, builds, owns, and operates geothermal and recovered energy-based power plants; and sells electricity. This segment also offers energy storage, demand response, and energy management related services.
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