IDACORP (NYSE:IDA) Coverage Initiated at Jefferies Financial Group

Stock analysts at Jefferies Financial Group started coverage on shares of IDACORP (NYSE:IDA) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $110.00 price target on the energy company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 7.61% from the stock’s current price.

Several other brokerages also recently weighed in on IDA. Bank of America started coverage on IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target for the company. Wells Fargo & Company raised their target price on IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley raised their target price on IDACORP from $94.00 to $102.00 and gave the company an “equal weight” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company. According to MarketBeat, IDACORP presently has an average rating of “Hold” and a consensus target price of $102.71.

IDACORP Price Performance

Shares of NYSE IDA opened at $102.22 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The stock has a fifty day moving average price of $100.80 and a 200 day moving average price of $95.81. IDACORP has a 1-year low of $86.43 and a 1-year high of $105.24. The company has a market cap of $5.44 billion, a PE ratio of 20.53 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The firm had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same period last year, the company earned $1.35 earnings per share. Sell-side analysts forecast that IDACORP will post 5.41 EPS for the current year.

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IDA. Rise Advisors LLC grew its holdings in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in IDACORP in the 2nd quarter valued at about $35,000. Mather Group LLC. purchased a new stake in IDACORP in the 1st quarter valued at about $41,000. Kapitalo Investimentos Ltda purchased a new stake in IDACORP in the 4th quarter valued at about $54,000. Finally, EverSource Wealth Advisors LLC grew its holdings in IDACORP by 19.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock valued at $68,000 after buying an additional 112 shares during the period. Hedge funds and other 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.