IDACORP (NYSE:IDA) Stock Price Expected to Rise, Morgan Stanley Analyst Says

IDACORP (NYSE:IDA) had its price objective lifted by stock analysts at Morgan Stanley from $126.00 to $131.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price target suggests a potential upside of 14.59% from the company’s current price.

Several other equities analysts also recently weighed in on IDA. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group cut their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Finally, Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $120.50.

IDACORP Stock Down 1.6 %

NYSE:IDA opened at $114.32 on Thursday. IDACORP has a 1-year low of $88.70 and a 1-year high of $120.42. The company has a 50-day moving average of $112.22 and a 200 day moving average of $109.80. The firm has a market cap of $6.17 billion, a PE ratio of 20.86, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, research analysts anticipate that IDACORP will post 5.81 EPS for the current fiscal year.

Institutional Trading of IDACORP

Hedge funds and other institutional investors have recently modified their holdings of the business. Diversified Trust Co acquired a new stake in shares of IDACORP during the 4th quarter worth about $704,000. Algert Global LLC increased its position in shares of IDACORP by 42.5% during the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock worth $3,648,000 after purchasing an additional 10,550 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in IDACORP by 67.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after acquiring an additional 19,274 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in IDACORP by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock valued at $71,368,000 after acquiring an additional 35,651 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in IDACORP in the 4th quarter valued at about $913,000. 89.10% of the stock is owned by institutional investors and hedge funds.

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.