Morgan Stanley Forecasts Strong Price Appreciation for IDACORP (NYSE:IDA) Stock

IDACORP (NYSE:IDA) had its target price upped by stock analysts at Morgan Stanley from $126.00 to $131.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price target points to a potential upside of 14.59% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group reduced their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $120.50.

IDACORP Stock Performance

Shares of IDACORP stock opened at $114.32 on Thursday. IDACORP has a one year low of $88.70 and a one year high of $120.42. The company has a market cap of $6.17 billion, a PE ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The business has a 50-day simple moving average of $112.22 and a 200-day simple moving average of $109.80.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. On average, equities research analysts forecast that IDACORP will post 5.81 EPS for the current fiscal year.

Institutional Trading of IDACORP

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its position in shares of IDACORP by 3.9% in the fourth quarter. California State Teachers Retirement System now owns 49,824 shares of the energy company’s stock valued at $5,445,000 after acquiring an additional 1,857 shares in the last quarter. 111 Capital purchased a new stake in shares of IDACORP in the fourth quarter valued at $595,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of IDACORP by 18.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,127 shares of the energy company’s stock valued at $670,000 after acquiring an additional 971 shares in the last quarter. Wood Tarver Financial Group LLC purchased a new stake in shares of IDACORP in the fourth quarter valued at $403,000. Finally, Putney Financial Group LLC purchased a new stake in shares of IDACORP in the fourth quarter valued at $163,000. 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.