Morgan Stanley Raises IDACORP (NYSE:IDA) Price Target to $131.00

IDACORP (NYSE:IDA) had its target price upped by investment analysts at Morgan Stanley from $126.00 to $131.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price objective suggests a potential upside of 12.22% from the stock’s current price.

Several other research analysts have also weighed in on IDA. Bank of America upped their price target on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group dropped their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, IDACORP has a consensus rating of “Hold” and an average target price of $120.20.

IDACORP Trading Down 0.0 %

Shares of NYSE IDA traded down $0.03 during mid-day trading on Thursday, hitting $116.74. 23,705 shares of the company traded hands, compared to its average volume of 314,109. IDACORP has a 1 year low of $88.70 and a 1 year high of $120.42. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 21.30, a PEG ratio of 2.32 and a beta of 0.59. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average of $111.95 and a two-hundred day moving average of $109.66.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. On average, sell-side analysts anticipate that IDACORP will post 5.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDACORP

A number of hedge funds have recently modified their holdings of the stock. M&T Bank Corp raised its holdings in shares of IDACORP by 0.8% in the 3rd quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock worth $1,133,000 after buying an additional 92 shares in the last quarter. AMG National Trust Bank increased its stake in shares of IDACORP by 0.6% in the 4th quarter. AMG National Trust Bank now owns 15,248 shares of the energy company’s stock valued at $1,670,000 after buying an additional 98 shares during the period. CENTRAL TRUST Co increased its stake in shares of IDACORP by 13.7% in the 4th quarter. CENTRAL TRUST Co now owns 832 shares of the energy company’s stock valued at $91,000 after buying an additional 100 shares during the period. Pitcairn Co. increased its stake in shares of IDACORP by 2.3% in the 3rd quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock valued at $495,000 after buying an additional 107 shares during the period. Finally, Perigon Wealth Management LLC boosted its holdings in IDACORP by 4.1% during the fourth quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock worth $311,000 after buying an additional 112 shares during the last quarter. 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.