IDACORP (NYSE:IDA) Price Target Raised to $131.00

IDACORP (NYSE:IDA) had its price target raised by investment analysts at Morgan Stanley from $126.00 to $131.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price target points to a potential upside of 12.22% from the company’s previous close.

IDA has been the topic of several other reports. Jefferies Financial Group dropped their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Bank of America raised their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $120.20.

IDACORP Stock Down 0.0 %

IDA traded down $0.03 during trading hours on Thursday, hitting $116.74. 23,705 shares of the company’s stock were exchanged, compared to its average volume of 314,109. IDACORP has a 1-year low of $88.70 and a 1-year high of $120.42. The stock’s 50-day moving average is $111.95 and its two-hundred day moving average is $109.66. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 2.32 and a beta of 0.59. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its holdings in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after purchasing an additional 120 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in IDACORP during the 3rd quarter worth approximately $25,000. Versant Capital Management Inc raised its holdings in IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares during the last quarter. Independence Bank of Kentucky increased its stake in shares of 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 acquiring an additional 225 shares in the last quarter. Finally, Avior Wealth Management LLC increased its stake in shares of IDACORP by 35.9% in the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares in the last quarter. Institutional investors 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.