Jefferies Financial Group Issues Pessimistic Forecast for IDACORP (NYSE:IDA) Stock Price

IDACORP (NYSE:IDA) had its target price dropped by equities research analysts at Jefferies Financial Group from $129.00 to $118.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “hold” rating on the energy company’s stock. Jefferies Financial Group’s target price indicates a potential upside of 8.80% from the company’s previous close.

A number of other analysts have also recently commented on IDA. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Finally, Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $116.20.

IDACORP Stock Down 0.2 %

Shares of IDA opened at $108.45 on Tuesday. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 20.12, a PEG ratio of 2.21 and a beta of 0.65. IDACORP has a 52 week low of $86.43 and a 52 week high of $120.42. The stock’s 50-day moving average price is $111.67 and its 200-day moving average price is $106.33. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the prior year, the company posted $2.07 EPS. On average, sell-side analysts predict that IDACORP will post 5.41 EPS for the current year.

Institutional Trading of IDACORP

A number of institutional investors have recently bought and sold shares of IDA. Diversified Trust Co purchased a new position in IDACORP during the 4th quarter valued at about $704,000. Algert Global LLC grew its holdings in IDACORP by 42.5% during the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after buying an additional 10,550 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in IDACORP by 67.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after purchasing an additional 19,274 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of IDACORP during the 3rd quarter worth $3,228,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of IDACORP by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock valued at $71,368,000 after purchasing an additional 35,651 shares during the period. 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.