IDACORP (NYSE:IDA) Upgraded to “Hold” at StockNews.com

IDACORP (NYSE:IDA) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

A number of other analysts have also issued reports on IDA. Morgan Stanley increased their target price on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Bank of America assumed coverage on shares of IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target for the company. Jefferies Financial Group initiated coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Finally, Wells Fargo & Company increased their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat, IDACORP has a consensus rating of “Hold” and a consensus target price of $104.83.

IDACORP Stock Performance

IDA opened at $102.16 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.44 billion, a PE ratio of 20.51, a P/E/G ratio of 3.49 and a beta of 0.60. The business has a fifty day simple moving average of $102.81 and a 200-day simple moving average of $98.11. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.25.

IDACORP (NYSE:IDA) last issued its quarterly 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 return on equity of 9.16% and a net margin of 15.04%. The firm had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. During the same quarter last year, the business posted $1.35 EPS. As a group, equities analysts predict that IDACORP will post 5.38 EPS for the current fiscal year.

Institutional Investors Weigh In On IDACORP

Several institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC acquired a new stake in shares of IDACORP in the third quarter worth about $26,000. Rise Advisors LLC lifted its holdings in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in IDACORP during the second quarter worth approximately $35,000. Eastern Bank acquired a new position in IDACORP during the third quarter valued at approximately $52,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of IDACORP in the second quarter valued at approximately $71,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

About IDACORP

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.