IDACORP (NYSE:IDA) Raised 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 note issued to investors on Tuesday.

Other equities analysts have also issued reports about the stock. Bank of America began coverage on shares of IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price on the stock. Morgan Stanley upped their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group began coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Finally, Wells Fargo & Company upped 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 equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and an average price target of $104.83.

IDACORP Price Performance

IDACORP stock traded down $1.88 during trading hours on Tuesday, hitting $101.94. 201,799 shares of the stock were exchanged, compared to its average volume of 337,241. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock has a market capitalization of $5.43 billion, a P/E ratio of 20.47, a P/E/G ratio of 3.49 and a beta of 0.60. IDACORP has a 12 month low of $86.43 and a 12 month high of $105.25. The business’s 50-day moving average is $102.83 and its two-hundred day moving average is $98.08.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.34. The firm had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period in the prior year, the firm earned $1.35 earnings per share. Equities research analysts expect that IDACORP will post 5.38 EPS for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Large investors have recently bought and sold shares of the business. First Eagle Investment Management LLC increased its stake in IDACORP by 18.4% in the first quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company’s stock valued at $12,065,000 after purchasing an additional 20,184 shares in the last quarter. Sei Investments Co. increased its stake in IDACORP by 90.0% in the first quarter. Sei Investments Co. now owns 74,368 shares of the energy company’s stock valued at $6,908,000 after purchasing an additional 35,217 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in IDACORP in the first quarter valued at approximately $5,087,000. Assenagon Asset Management S.A. bought a new stake in IDACORP in the second quarter valued at approximately $8,032,000. Finally, Duality Advisers LP bought a new stake in IDACORP in the first quarter valued at approximately $837,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.