Bank of America Upgrades IDACORP (NYSE:IDA) to "Buy"

IDACORP (NYSE:IDA - Get Free Report) was upgraded by research analysts at Bank of America from a "neutral" rating to a "buy" rating in a report issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $117.00 price target on the energy company's stock, up from their prior price target of $113.00. Bank of America's price objective would indicate a potential upside of 6.84% from the stock's current price.

A number of other analysts have also recently weighed in on IDA. Morgan Stanley boosted their price target on IDACORP from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 25th. StockNews.com raised IDACORP from a "sell" rating to a "hold" rating in a research report on Tuesday, October 29th. Wells Fargo & Company lifted their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of IDACORP in a report on Friday, September 20th. They set a "hold" rating and a $110.00 price objective for the company. Finally, Mizuho raised shares of IDACORP from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $102.00 to $116.00 in a research report on Friday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $108.83.

IDACORP Stock Up 2.4 %

IDA traded up $2.57 on Tuesday, reaching $109.51. 553,302 shares of the company traded hands, compared to its average volume of 344,971. IDACORP has a 52-week low of $86.43 and a 52-week high of $109.53. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 3.58 and a beta of 0.60. The stock's 50 day moving average price is $103.02 and its 200-day moving average price is $98.48.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts' consensus estimates of $2.17 by ($0.05). The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period last year, the company posted $2.07 earnings per share. On average, sell-side analysts expect that IDACORP will post 5.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IDA. V Square Quantitative Management LLC acquired a new position in IDACORP in the third quarter worth about $26,000. Rise Advisors LLC raised its holdings in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company's stock worth $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of IDACORP during the 2nd quarter worth approximately $35,000. Eastern Bank acquired a new stake in IDACORP in the 3rd quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. bought a new stake in IDACORP in the second quarter valued at $71,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.