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

Investment analysts at Jefferies Financial Group started coverage on shares of IDACORP (NYSE:IDA) in a note issued to investors on Friday, MarketBeat.com reports. The brokerage set a “hold” rating and a $110.00 price target on the energy company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 7.61% from the company’s current price.

IDA has been the topic of several other reports. Bank of America started coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. Wells Fargo & Company boosted their price target on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley boosted their price target on IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $102.71.

IDACORP Stock Performance

NYSE IDA opened at $102.22 on Friday. The firm has a market capitalization of $5.44 billion, a P/E ratio of 20.53 and a beta of 0.60. IDACORP has a 1-year low of $86.43 and a 1-year high of $105.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The business’s 50-day simple moving average is $100.80 and its 200-day simple moving average is $95.81.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate 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 previous year, the company posted $1.35 EPS. Equities analysts predict that IDACORP will post 5.41 EPS for the current year.

Institutional Investors Weigh In On IDACORP

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Rise Advisors LLC increased 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 valued at $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of IDACORP in the 2nd quarter valued at approximately $35,000. Mather Group LLC. bought a new stake in shares of IDACORP in the 1st quarter valued at approximately $41,000. Kapitalo Investimentos Ltda bought a new stake in shares of IDACORP in the 4th quarter valued at approximately $54,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of IDACORP by 19.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock valued at $68,000 after acquiring an additional 112 shares during the last quarter. 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.