IDACORP (NYSE:IDA) Price Target Raised to $121.00

IDACORP (NYSE:IDA) had its price target upped by Morgan Stanley from $110.00 to $121.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s target price indicates a potential upside of 7.02% from the company’s previous close.

Several other analysts have also recently weighed in on IDA. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Wells Fargo & Company increased their price target 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. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group began coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price for the company. One investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $111.00.

IDACORP Price Performance

IDA stock opened at $113.06 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The firm’s 50-day moving average price is $110.64 and its two-hundred day moving average price is $102.48. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 2.51 and a beta of 0.64. IDACORP has a 12-month low of $86.43 and a 12-month high of $120.42.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (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 analysts’ expectations of $524.39 million. During the same quarter in the prior year, the firm earned $2.07 EPS. As a group, equities analysts predict that IDACORP will post 5.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IDA. Lord Abbett & CO. LLC increased its holdings in shares of IDACORP by 5.8% during the third quarter. Lord Abbett & CO. LLC now owns 231,743 shares of the energy company’s stock valued at $23,890,000 after acquiring an additional 12,698 shares in the last quarter. Retirement Systems of Alabama grew its position in IDACORP by 1.5% during the 3rd quarter. Retirement Systems of Alabama now owns 145,791 shares of the energy company’s stock valued at $15,030,000 after purchasing an additional 2,120 shares during the last quarter. Tidal Investments LLC increased its stake in IDACORP by 40.3% during the 3rd quarter. Tidal Investments LLC now owns 15,341 shares of the energy company’s stock valued at $1,582,000 after purchasing an additional 4,409 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in IDACORP during the 3rd quarter valued at about $53,000. Finally, Sanctuary Advisors LLC raised its holdings in IDACORP by 46.9% in the third quarter. Sanctuary Advisors LLC now owns 9,178 shares of the energy company’s stock worth $946,000 after buying an additional 2,930 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

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.