IDACORP (NYSE:IDA) Price Target Raised to $163.00

IDACORP (NYSE:IDA) had its price objective boosted by equities researchers at Barclays from $149.00 to $163.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the energy company’s stock. Barclays‘s target price indicates a potential upside of 11.51% from the company’s previous close.

IDA has been the topic of several other research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of IDACORP in a research report on Friday. Wells Fargo & Company upped their price objective on IDACORP from $154.00 to $155.00 and gave the stock an “equal weight” rating in a report on Friday, July 31st. BTIG Research reiterated a “buy” rating and issued a $155.00 price objective on shares of IDACORP in a research report on Monday. Wall Street Zen lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Morgan Stanley raised their price target on IDACORP from $143.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, October 21st. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $152.29.

IDACORP Stock Down 0.6%

IDA opened at $146.18 on Tuesday. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 22.45, a PEG ratio of 2.42 and a beta of 0.48. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.75 and a current ratio of 0.99. The firm’s 50-day simple moving average is $135.66 and its 200-day simple moving average is $140.78. IDACORP has a twelve month low of $124.12 and a twelve month high of $154.91.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.22. The firm had revenue of $608.04 million during the quarter, compared to the consensus estimate of $603.00 million. IDACORP had a net margin of 18.78% and a return on equity of 9.34%. During the same period last year, the firm posted $2.26 EPS. Equities research analysts anticipate that IDACORP will post 6.41 EPS for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of IDACORP in the 2nd quarter valued at approximately $1,033,914,000. Bank of New York Mellon Corp bought a new stake in shares of IDACORP in the second quarter worth about $72,143,000. Energy Income Partners LLC bought a new position in IDACORP in the second quarter valued at approximately $60,618,000. Bank of America Corp DE acquired a new stake in shares of IDACORP in the 2nd quarter valued at about $54,985,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of IDACORP in the second quarter worth $42,642,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

About IDACORP

IDACORP, Inc is a holding company whose principal subsidiary, Idaho Power Company, is a regulated electric utility. Idaho Power generates, purchases, transmits, distributes and sells electricity to residential, commercial, industrial and agricultural customers.

Idaho Power serves customers across southern Idaho and eastern Oregon. Its power supply includes a substantial hydroelectric system, along with energy from thermal, wind, solar and other resources. The company also operates and maintains the transmission and distribution infrastructure needed to deliver electricity throughout its service area.

Idaho Power traces its history to 1916, when it was established to provide electric service in Idaho.