IDACORP (NYSE:IDA) Stock Price Expected to Rise, Bank of America Analyst Says

IDACORP (NYSE:IDA) had its price target lifted by stock analysts at Bank of America from $119.00 to $127.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Bank of America‘s price objective would indicate a potential upside of 7.52% from the company’s current price.

A number of other equities analysts also recently issued reports on the company. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley upped their price objective on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group decreased their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $118.20.

IDACORP Trading Up 2.7 %

IDA opened at $118.12 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP has a fifty-two week low of $86.47 and a fifty-two week high of $120.42. The company’s 50 day moving average price is $110.44 and its two-hundred day moving average price is $108.50. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 2.32 and a beta of 0.65.

IDACORP (NYSE:IDA) last issued its quarterly earnings data 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 company had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, research analysts predict that IDACORP will post 5.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IDA. Legacy Investment Solutions LLC acquired a new stake in IDACORP in the third quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after buying an additional 120 shares during the period. Versant Capital Management Inc grew its stake in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after buying an additional 301 shares during the period. Independence Bank of Kentucky increased its position in IDACORP by 123.6% in the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after buying an additional 225 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in IDACORP during the 4th quarter worth approximately $45,000. 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.