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

IDACORP (NYSE:IDA) had its price objective raised by equities research analysts at Morgan Stanley from $102.00 to $108.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price target indicates a potential upside of 5.08% from the stock’s previous close.

IDA has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Jefferies Financial Group began coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. Finally, Bank of America started coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. One investment analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.57.

IDACORP Stock Up 0.1 %

Shares of IDACORP stock traded up $0.11 during midday trading on Wednesday, reaching $102.78. 29,283 shares of the company’s stock traded hands, compared to its average volume of 352,747. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 3.46 and a beta of 0.60. The company’s 50 day simple moving average is $101.16 and its 200 day simple moving average is $96.06. 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 has a 52 week low of $86.43 and a 52 week high of $105.24.

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

Institutional Trading of IDACORP

Several institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in shares of IDACORP by 50.3% during the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after acquiring an additional 546,818 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of IDACORP by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock valued at $134,694,000 after acquiring an additional 23,925 shares in the last quarter. Nuance Investments LLC boosted its position in shares of IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after acquiring an additional 178,294 shares in the last quarter. First Trust Advisors LP boosted its position in shares of IDACORP by 0.9% during the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock valued at $74,883,000 after acquiring an additional 7,008 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in IDACORP by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock valued at $64,583,000 after purchasing an additional 47,527 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.