Wells Fargo & Company Increases IDACORP (NYSE:IDA) Price Target to $106.00

IDACORP (NYSE:IDA) had its target price hoisted by equities research analysts at Wells Fargo & Company from $98.00 to $106.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the energy company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 2.91% from the stock’s current price.

Several other research firms also recently commented on IDA. StockNews.com raised shares of IDACORP to a “sell” rating in a report on Friday, April 26th. Mizuho boosted their price target on shares of IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Finally, Morgan Stanley reduced their price target on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average price target of $98.00.

IDACORP Stock Performance

Shares of IDA stock traded up $0.69 during trading hours on Friday, reaching $103.00. The company had a trading volume of 315,043 shares, compared to its average volume of 363,482. The business has a fifty day moving average price of $93.68 and a 200-day moving average price of $92.73. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54. The firm has a market cap of $5.48 billion, a PE ratio of 20.90 and a beta of 0.58. IDACORP has a one year low of $86.43 and a one year high of $104.43.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. IDACORP had a net margin of 14.18% and a return on equity of 8.71%. During the same period in the previous year, the business posted $1.35 earnings per share. Sell-side analysts predict that IDACORP will post 5.37 earnings per share for the current fiscal year.

Insider Activity at IDACORP

In related news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total value of $142,635.00. Following the completion of the transaction, the vice president now directly owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.47% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its stake in shares of IDACORP by 50.3% during the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after purchasing an additional 546,818 shares during the period. Victory Capital Management Inc. lifted its position in shares of IDACORP by 29.7% during the 4th quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after buying an additional 273,560 shares in the last quarter. Nuance Investments LLC purchased a new position in IDACORP in the 1st quarter valued at $86,962,000. First Trust Advisors LP lifted its holdings in IDACORP by 0.9% in the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock valued at $74,883,000 after purchasing an additional 7,008 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in IDACORP by 10.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 649,195 shares of the energy company’s stock valued at $63,829,000 after purchasing an additional 61,546 shares in the last quarter. 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.