Wells Fargo & Company Increases IDACORP (NYSE:IDA) Price Target to $109.00

IDACORP (NYSE:IDA - Get Free Report) had its price target raised by equities researchers at Wells Fargo & Company from $106.00 to $109.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an "equal weight" rating on the energy company's stock. Wells Fargo & Company's target price points to a potential upside of 4.34% from the company's current price.

A number of other analysts have also commented on the stock. Bank of America initiated coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a "neutral" rating and a $110.00 price target for the company. Jefferies Financial Group began coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a "hold" rating and a $110.00 target price for the company. Finally, Morgan Stanley increased their price target on IDACORP from $102.00 to $108.00 and gave the company an "equal weight" rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating and seven have issued a hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $104.00.

IDACORP Stock Up 0.8 %

IDACORP stock traded up $0.80 during trading hours on Wednesday, hitting $104.47. The stock had a trading volume of 205,887 shares, compared to its average volume of 342,364. The stock has a market capitalization of $5.56 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 3.38 and a beta of 0.60. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The stock's 50-day moving average price is $102.41 and its 200-day moving average price is $97.23. IDACORP has a 12-month low of $86.43 and a 12-month high of $105.24.

IDACORP (NYSE:IDA - Get Free Report) last posted 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 analysts' expectations of $420.56 million. During the same quarter in the previous year, the business earned $1.35 earnings per share. Equities research analysts anticipate that IDACORP will post 5.39 EPS for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Large investors have recently added to or reduced their stakes in the company. Pitcairn Co. boosted its stake in shares of IDACORP by 2.4% in the first quarter. Pitcairn Co. now owns 4,332 shares of the energy company's stock worth $402,000 after acquiring an additional 103 shares during the period. Raymond James Trust N.A. increased its holdings in IDACORP by 1.7% in the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company's stock valued at $597,000 after acquiring an additional 107 shares during the last quarter. Fortem Financial Group LLC increased its holdings in IDACORP by 1.2% in the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company's stock valued at $866,000 after acquiring an additional 112 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in IDACORP by 18.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 816 shares of the energy company's stock worth $77,000 after purchasing an additional 126 shares in the last quarter. Finally, Rise Advisors LLC boosted its holdings in shares of IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company's stock valued at $34,000 after purchasing an additional 146 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.