UBS Group Forecasts Strong Price Appreciation for IDACORP (NYSE:IDA) Stock

IDACORP (NYSE:IDA) had its price objective upped by UBS Group from $117.00 to $122.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. UBS Group’s target price suggests a potential upside of 6.71% from the stock’s previous close.

A number of other equities research analysts have also commented on IDA. 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 report on Tuesday, January 28th. Bank of America raised their price objective on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Morgan Stanley raised their price objective on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average target price of $120.50.

IDACORP Trading Down 1.6 %

IDA opened at $114.32 on Friday. The firm’s fifty day moving average is $112.22 and its two-hundred day moving average is $109.85. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. 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. IDACORP has a twelve month low of $88.70 and a twelve month high of $120.42.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million for 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%. Equities research analysts anticipate that IDACORP will post 5.81 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its position in shares of IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after acquiring an additional 120 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of IDACORP in the 3rd quarter valued at about $25,000. Versant Capital Management Inc grew its position in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after acquiring an additional 301 shares during the period. Independence Bank of Kentucky grew its position 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 during the period. Finally, Avior Wealth Management LLC grew its position 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 during the period. Institutional investors 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.