Morgan Stanley Increases IDACORP (NYSE:IDA) Price Target to $108.00

IDACORP (NYSE:IDA) had its target price lifted by analysts at Morgan Stanley from $102.00 to $108.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price target would indicate a potential upside of 5.45% from the stock’s previous close.

A number of other research analysts have also commented on the company. Wells Fargo & Company increased their price objective on IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America assumed coverage on IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.57.

IDACORP Stock Down 0.2 %

NYSE IDA opened at $102.42 on Wednesday. The firm has a market cap of $5.45 billion, a PE ratio of 20.57, a price-to-earnings-growth ratio of 3.46 and a beta of 0.60. IDACORP has a one year low of $86.43 and a one year high of $105.24. The stock’s 50 day simple moving average is $101.46 and its 200 day simple moving average is $96.15. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. The business had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same period in the prior year, the company earned $1.35 EPS. As a group, sell-side analysts forecast that IDACORP will post 5.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDACORP

A number of hedge funds and other institutional investors have recently bought and sold shares of IDA. Rise Advisors LLC boosted its holdings in shares of IDACORP by 65.8% during the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after acquiring an additional 146 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP in the second quarter valued at approximately $35,000. Mather Group LLC. acquired a new stake in shares of IDACORP in the first quarter valued at approximately $41,000. Kapitalo Investimentos Ltda acquired a new stake in shares of IDACORP in the fourth quarter valued at approximately $54,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of IDACORP in the second quarter valued at approximately $71,000. 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.