Morgan Stanley Raises IDACORP (NYSE:IDA) Price Target to $108.00

IDACORP (NYSE:IDA) had its target price boosted by equities researchers at Morgan Stanley from $102.00 to $108.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price objective points to a potential upside of 5.08% from the stock’s previous close.

IDA has been the subject of a number of other reports. Wells Fargo & Company boosted their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Finally, Bank of America assumed coverage on shares of IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and an average price target of $103.57.

IDACORP Price Performance

IDA stock traded up $0.11 during trading on Wednesday, hitting $102.78. 29,283 shares of the stock traded hands, compared to its average volume of 352,747. IDACORP has a one year low of $86.43 and a one year high of $105.24. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 20.64, a P/E/G ratio of 3.46 and a beta of 0.60. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. The company has a 50 day simple moving average of $101.16 and a 200 day simple moving average of $96.06.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same period in the previous year, the firm posted $1.35 earnings per share. Equities analysts expect that IDACORP will post 5.39 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IDA. D.A. Davidson & CO. boosted its holdings in shares of IDACORP by 16.6% in the fourth quarter. D.A. Davidson & CO. now owns 3,660 shares of the energy company’s stock valued at $360,000 after buying an additional 521 shares during the period. US Bancorp DE boosted its holdings in shares of IDACORP by 53.0% in the fourth quarter. US Bancorp DE now owns 23,497 shares of the energy company’s stock valued at $2,310,000 after buying an additional 8,139 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of IDACORP by 99.7% in the fourth quarter. Allianz Asset Management GmbH now owns 19,842 shares of the energy company’s stock valued at $1,951,000 after buying an additional 9,904 shares during the period. Treasurer of the State of North Carolina boosted its holdings in shares of IDACORP by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 22,393 shares of the energy company’s stock valued at $2,202,000 after buying an additional 220 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of IDACORP in the fourth quarter valued at approximately $829,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Company Profile

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.