Jefferies Financial Group Cuts IDACORP (NYSE:IDA) Price Target to $118.00

IDACORP (NYSE:IDA) had its price target decreased by equities researchers at Jefferies Financial Group from $129.00 to $118.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “hold” rating on the energy company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 8.57% from the stock’s previous close.

Several other equities analysts have also recently issued reports on IDA. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Morgan Stanley lifted their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Finally, Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $116.20.

IDACORP Stock Down 0.6 %

Shares of IDA stock traded down $0.70 during trading on Tuesday, reaching $108.69. The company’s stock had a trading volume of 298,058 shares, compared to its average volume of 300,421. IDACORP has a 1-year low of $86.43 and a 1-year high of $120.42. The stock’s 50-day moving average price is $112.05 and its 200 day moving average price is $106.22. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 2.21 and a beta of 0.65. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

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

Institutional Investors Weigh In On IDACORP

A number of institutional investors and hedge funds have recently bought and sold shares of IDA. Hsbc Holdings PLC purchased a new stake in IDACORP in the 2nd quarter valued at $243,000. Bank of Montreal Can raised its holdings in shares of IDACORP by 3.5% in the second quarter. Bank of Montreal Can now owns 18,517 shares of the energy company’s stock valued at $1,727,000 after buying an additional 620 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of IDACORP in the second quarter valued at about $224,000. Cubist Systematic Strategies LLC purchased a new stake in shares of IDACORP in the second quarter valued at about $1,193,000. Finally, Millennium Management LLC raised its holdings in shares of IDACORP by 34.0% in the second quarter. Millennium Management LLC now owns 201,545 shares of the energy company’s stock valued at $18,774,000 after buying an additional 51,178 shares during the last quarter. 89.10% of the stock is 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.