IDACORP (NYSE:IDA) Raised to Buy at Guggenheim

IDACORP (NYSE:IDA) was upgraded by research analysts at Guggenheim from a “neutral” rating to a “buy” rating in a research report issued on Thursday,Finviz reports.

A number of other equities analysts also recently weighed in on the stock. Morgan Stanley upped their price target on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Wells Fargo & Company upped their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. One 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.com, the stock has an average rating of “Hold” and an average target price of $114.60.

IDACORP Price Performance

Shares of NYSE:IDA opened at $107.74 on Thursday. The company’s fifty day moving average is $112.55 and its two-hundred day moving average is $105.80. 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 has a 12-month low of $86.43 and a 12-month high of $120.42. The company has a market cap of $5.74 billion, a P/E ratio of 19.99, a price-to-earnings-growth ratio of 2.29 and a beta of 0.65.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (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 firm had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period last year, the firm earned $2.07 earnings per share. Equities analysts expect that IDACORP will post 5.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Hedge funds have recently bought and sold shares of the business. MassMutual Private Wealth & Trust FSB increased its position in IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after buying an additional 120 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in IDACORP during the third quarter valued at about $25,000. V Square Quantitative Management LLC bought a new stake in IDACORP during the third quarter valued at about $26,000. Versant Capital Management Inc boosted its holdings in IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after acquiring an additional 301 shares during the period. Finally, Avior Wealth Management LLC boosted its holdings in IDACORP by 35.9% during the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares during the period. 89.10% of the stock is 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.