IDACORP (NYSE:IDA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage currently has a $96.00 price objective on the coal producer’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.78% from the stock’s previous close.
According to Zacks, “In a year’s time, shares of IDACORP have gained against a decline in the industry. The utility has plans to invest nearly $1.5 billion over 2018-2022 time frame for transmission and plant expansion projects, which will allow the company to provide efficient services along with expanding customer base. Its Board of Directors has been approving annual increase in dividends since 2012 on the back of the company’s consistent performance. However, IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company.”
Several other equities research analysts also recently commented on IDA. Williams Capital reaffirmed a “hold” rating and set a $80.00 price objective (down from $86.00) on shares of IDACORP in a report on Monday, February 26th. ValuEngine raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Bank of America began coverage on shares of IDACORP in a report on Tuesday, January 9th. They issued an “underperform” rating and a $85.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $87.00.
Shares of IDA stock opened at $85.88 on Wednesday. The company has a market cap of $4,326.18, a PE ratio of 20.35, a price-to-earnings-growth ratio of 5.04 and a beta of 0.47. IDACORP has a fifty-two week low of $79.59 and a fifty-two week high of $100.04. The company has a current ratio of 2.21, a quick ratio of 1.65 and a debt-to-equity ratio of 0.77.
IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, February 22nd. The coal producer reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The business had revenue of $305.61 million for the quarter, compared to the consensus estimate of $274.05 million. IDACORP had a net margin of 15.74% and a return on equity of 9.59%. During the same period in the prior year, the firm earned $0.66 earnings per share. equities research analysts anticipate that IDACORP will post 4.18 EPS for the current year.
In other news, VP Tessia Park sold 300 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $85.40, for a total value of $25,620.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.71% of the company’s stock.
Several institutional investors have recently made changes to their positions in IDA. Motco purchased a new stake in shares of IDACORP in the fourth quarter worth about $100,000. Zions Bancorporation purchased a new stake in shares of IDACORP in the third quarter worth about $104,000. Two Sigma Securities LLC purchased a new stake in shares of IDACORP in the fourth quarter worth about $202,000. Cypress Wealth Advisors LLC purchased a new stake in shares of IDACORP in the fourth quarter worth about $203,000. Finally, Mountain Pacific Investment Advisers Inc. ID purchased a new stake in shares of IDACORP in the fourth quarter worth about $204,000. 75.65% of the stock is currently owned by hedge funds and other institutional investors.
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IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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