IDACORP (NYSE:IDA) Price Target Raised to $127.00 at Bank of America

IDACORP (NYSE:IDA - Get Free Report) had its price target upped by stock analysts at Bank of America from $119.00 to $127.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the energy company's stock. Bank of America's target price would indicate a potential upside of 13.02% from the company's previous close.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley increased their target price on shares of IDACORP from $110.00 to $121.00 and gave the company an "equal weight" rating in a research report on Friday, December 13th. Jefferies Financial Group lowered their target price on IDACORP from $129.00 to $118.00 and set a "hold" rating on the stock in a report on Tuesday, January 28th. Guggenheim upgraded IDACORP from a "neutral" rating to a "buy" rating in a research report on Thursday, January 23rd. Finally, StockNews.com downgraded IDACORP from a "hold" rating to a "sell" rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $118.20.

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IDACORP Price Performance

Shares of NYSE:IDA traded down $1.27 during trading on Monday, reaching $112.37. 231,825 shares of the company's stock traded hands, compared to its average volume of 308,181. The firm has a market cap of $6.07 billion, a PE ratio of 20.50, a P/E/G ratio of 2.32 and a beta of 0.65. IDACORP has a fifty-two week low of $88.67 and a fifty-two week high of $120.42. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a 50-day simple moving average of $110.78 and a 200-day simple moving average of $108.75.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. The company had revenue of $398.13 million during the quarter, compared to analysts' expectations of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, analysts predict that IDACORP will post 5.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IDA. Wellington Management Group LLP raised its position in IDACORP by 43.3% in the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company's stock valued at $374,279,000 after purchasing an additional 1,035,133 shares during the period. Reaves W H & Co. Inc. raised its holdings in IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company's stock valued at $109,103,000 after buying an additional 429,276 shares during the period. Raymond James Financial Inc. acquired a new position in IDACORP in the fourth quarter valued at about $37,104,000. Ameriprise Financial Inc. boosted its stake in IDACORP by 596.7% during the fourth quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company's stock worth $41,451,000 after buying an additional 324,866 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company's stock valued at $208,692,000 after acquiring an additional 166,864 shares during the last quarter. 89.10% of the stock is currently 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.