JPMorgan Chase & Co. Has Lowered Expectations for Ormat Technologies (NYSE:ORA) Stock Price

Ormat Technologies (NYSE:ORA) had its price objective decreased by JPMorgan Chase & Co. from $131.00 to $98.00 in a report released on Monday, Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.37% from the stock’s previous close.

Several other brokerages also recently weighed in on ORA. TD Cowen raised Ormat Technologies to a “strong-buy” rating in a research note on Monday, October 5th. Barclays dropped their price target on shares of Ormat Technologies from $127.00 to $122.00 and set an “overweight” rating on the stock in a research note on Monday, August 10th. Sanford C. Bernstein raised shares of Ormat Technologies from an “underperform” rating to a “market perform” rating and set a $112.00 price target for the company in a report on Friday, September 4th. Zacks Research lowered shares of Ormat Technologies from a “hold” rating to a “strong sell” rating in a report on Friday, October 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Ormat Technologies in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $128.00.

Ormat Technologies Price Performance

NYSE ORA traded down $2.87 during trading hours on Monday, reaching $86.44. The company’s stock had a trading volume of 853,905 shares, compared to its average volume of 876,780. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 42.58, a P/E/G ratio of 3.39 and a beta of 0.90. The company’s 50-day moving average is $99.44 and its two-hundred day moving average is $111.66. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.05 and a quick ratio of 1.00. Ormat Technologies has a 1-year low of $85.77 and a 1-year high of $146.39.

Ormat Technologies (NYSE:ORA) last issued its quarterly earnings data on Wednesday, August 5th. The energy company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.26 by $0.24. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.66%. The company had revenue of $258.76 million for the quarter, compared to analyst estimates of $240.03 million. During the same period last year, the company earned $0.48 earnings per share. Ormat Technologies’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Ormat Technologies will post 2.63 EPS for the current year.

Hedge Funds Weigh In On Ormat Technologies

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Ormat Technologies in the second quarter valued at approximately $896,374,000. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Ormat Technologies in the second quarter worth approximately $259,568,000. Canada Pension Plan Investment Board purchased a new stake in shares of Ormat Technologies during the second quarter worth approximately $173,638,000. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Ormat Technologies by 32.7% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,147,863 shares of the energy company’s stock worth $128,469,000 after purchasing an additional 282,583 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Ormat Technologies during the second quarter worth approximately $77,650,000. Institutional investors and hedge funds own 95.49% of the company’s stock.

Ormat Technologies Company Profile

Ormat Technologies, Inc is a renewable energy company that develops, owns, and operates clean energy assets. The company’s primary business is geothermal power, using heat from the earth to generate electricity. It also provides recovered energy solutions that convert waste heat from industrial processes into power.

Ormat’s portfolio includes geothermal, recovered energy, solar photovoltaic, and energy storage projects. In addition to owning and operating power plants, the company designs and manufactures equipment for geothermal and recovered energy applications and provides related engineering, construction, and operation services.

Founded in 1965, Ormat serves customers and markets in the United States and internationally.