Jefferies Financial Group Has Lowered Expectations for IDACORP (NYSE:IDA) Stock Price

IDACORP (NYSE:IDA) had its target price dropped by equities research analysts at Jefferies Financial Group from $129.00 to $118.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the energy company’s stock. Jefferies Financial Group’s price target would suggest a potential upside of 8.80% from the stock’s current price.

A number of other research firms have also recently commented on IDA. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $116.20.

IDACORP Stock Performance

Shares of NYSE:IDA opened at $108.45 on Tuesday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP has a 12 month low of $86.43 and a 12 month high of $120.42. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.21 and a beta of 0.65. The firm’s 50-day moving average is $111.67 and its 200 day moving average is $106.33.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same period in the prior year, the company posted $2.07 EPS. Research analysts predict that IDACORP will post 5.41 EPS for the current year.

Institutional Trading of IDACORP

Institutional investors have recently made changes to their positions in the business. Legacy Investment Solutions LLC purchased a new stake in IDACORP in the third quarter valued at about $25,000. V Square Quantitative Management LLC acquired a new stake in IDACORP in the 3rd quarter worth approximately $26,000. MassMutual Private Wealth & Trust FSB grew its position 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. Versant Capital Management Inc increased its stake in IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares in the last quarter. Finally, Independence Bank of Kentucky raised its holdings in shares of IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after buying an additional 225 shares during 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.