Jefferies Financial Group Begins Coverage on IDACORP (NYSE:IDA)

Analysts at Jefferies Financial Group began coverage on shares of IDACORP (NYSE:IDA) in a note issued to investors on Friday, Marketbeat 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 suggests a potential upside of 7.39% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Wells Fargo & Company lifted their price objective on shares of IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley upped their target price on shares of IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.71.

IDACORP Trading Down 1.0 %

NYSE IDA opened at $102.43 on Friday. The firm has a market capitalization of $5.45 billion, a PE ratio of 20.57 and a beta of 0.60. IDACORP has a one year low of $86.43 and a one year high of $105.24. The company has a 50-day simple moving average of $100.51 and a 200-day simple moving average of $95.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during 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 earnings per share. On average, equities analysts forecast that IDACORP will post 5.41 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in IDACORP by 10.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 649,195 shares of the energy company’s stock valued at $63,829,000 after purchasing an additional 61,546 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in IDACORP by 21.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,300 shares of the energy company’s stock worth $521,000 after acquiring an additional 950 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in IDACORP by 64.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 4,557 shares of the energy company’s stock valued at $448,000 after acquiring an additional 1,779 shares during the last quarter. D.A. Davidson & CO. boosted its position in shares of IDACORP by 16.6% during the 4th quarter. D.A. Davidson & CO. now owns 3,660 shares of the energy company’s stock valued at $360,000 after purchasing an additional 521 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of IDACORP by 13.6% in the 4th quarter. Franklin Resources Inc. now owns 344,823 shares of the energy company’s stock worth $33,903,000 after purchasing an additional 41,168 shares in the last quarter. 89.10% of the stock is currently owned by 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.