Bank of America Upgrades IDACORP (NYSE:IDA) to Buy

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

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

IDACORP Stock Up 1.8 %

NYSE:IDA opened at $111.44 on Tuesday. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $112.03. The stock has a market capitalization of $5.94 billion, a P/E ratio of 20.68, a P/E/G ratio of 3.59 and a beta of 0.60. 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 company’s 50-day simple moving average is $103.40 and its 200-day simple moving average is $98.68.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). The company had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the previous year, the business earned $2.07 earnings per share. On average, equities analysts anticipate that IDACORP will post 5.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently made changes to their positions in the company. Natixis Advisors LLC increased its holdings in shares of IDACORP by 6.9% during the 3rd quarter. Natixis Advisors LLC now owns 56,648 shares of the energy company’s stock valued at $5,840,000 after purchasing an additional 3,649 shares in the last quarter. MQS Management LLC purchased a new position in shares of IDACORP during the 3rd quarter valued at approximately $506,000. GSA Capital Partners LLP purchased a new position in shares of IDACORP during the 3rd quarter valued at approximately $3,228,000. Entropy Technologies LP increased its holdings in shares of IDACORP by 156.2% during the 3rd quarter. Entropy Technologies LP now owns 5,800 shares of the energy company’s stock valued at $598,000 after purchasing an additional 3,536 shares in the last quarter. Finally, Versor Investments LP purchased a new position in shares of IDACORP during the 3rd quarter valued at approximately $463,000. 89.10% of the stock is 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.