IDACORP (NYSE:IDA) Stock Rating Upgraded by Bank of America

IDACORP (NYSE:IDA) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $117.00 target price on the energy company’s stock, up from their prior target price of $113.00. Bank of America‘s target price would suggest a potential upside of 4.99% from the stock’s current price.

Several other brokerages have also recently issued reports on IDA. Wells Fargo & Company lifted their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $102.00 to $116.00 in a research report on Friday, November 1st. Jefferies Financial Group initiated coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Morgan Stanley boosted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Trading Up 1.8 %

Shares of IDA opened at $111.44 on Tuesday. IDACORP has a 52-week low of $86.43 and a 52-week high of $112.03. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The firm’s fifty day moving average is $103.40 and its two-hundred day moving average is $98.68. The stock has a market cap of $5.94 billion, a PE ratio of 20.68, a price-to-earnings-growth ratio of 3.59 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period last year, the firm earned $2.07 EPS. Research analysts forecast that IDACORP will post 5.38 earnings per share for the current fiscal year.

Institutional Trading of IDACORP

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Natixis Advisors LLC raised its holdings in IDACORP by 6.9% in the 3rd quarter. Natixis Advisors LLC now owns 56,648 shares of the energy company’s stock valued at $5,840,000 after buying an additional 3,649 shares during the period. MQS Management LLC purchased a new stake in IDACORP in the 3rd quarter valued at about $506,000. GSA Capital Partners LLP purchased a new stake in IDACORP in the 3rd quarter valued at about $3,228,000. Entropy Technologies LP raised its holdings in IDACORP by 156.2% in the 3rd quarter. Entropy Technologies LP now owns 5,800 shares of the energy company’s stock valued at $598,000 after buying an additional 3,536 shares during the period. Finally, Versor Investments LP purchased a new stake in IDACORP in the 3rd quarter valued at about $463,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

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.