IDACORP (NYSE:IDA) Rating Increased to Strong-Buy at BTIG Research

IDACORP (NYSE:IDA) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts also recently commented on the stock. UBS Group reiterated a “neutral” rating and set a $120.00 price objective (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Morgan Stanley reiterated an “outperform” rating and set a $141.00 price objective on shares of IDACORP in a research note on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of IDACORP in a research note on Wednesday, October 8th. Jefferies Financial Group boosted their target price on shares of IDACORP from $144.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $133.38.

IDACORP Trading Up 0.0%

NYSE:IDA opened at $135.78 on Wednesday. IDACORP has a 12 month low of $100.10 and a 12 month high of $138.03. The firm has a fifty day simple moving average of $128.91 and a 200-day simple moving average of $121.43. The company has a current ratio of 1.45, a quick ratio of 1.12 and a debt-to-equity ratio of 1.01. The company has a market capitalization of $7.34 billion, a P/E ratio of 23.91, a PEG ratio of 2.90 and a beta of 0.56.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The business had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. During the same period in the previous year, the firm posted $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, equities research analysts anticipate that IDACORP will post 5.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its holdings in IDACORP by 3.2% in the first quarter. Wellington Management Group LLP now owns 3,536,138 shares of the energy company’s stock valued at $410,970,000 after buying an additional 111,182 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in IDACORP by 10.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company’s stock valued at $245,243,000 after buying an additional 200,465 shares in the last quarter. State Street Corp increased its holdings in IDACORP by 6.3% in the second quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock valued at $216,264,000 after buying an additional 110,885 shares in the last quarter. Alliancebernstein L.P. increased its holdings in IDACORP by 1.0% in the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock valued at $162,190,000 after buying an additional 13,283 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in IDACORP by 115.3% in the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock valued at $152,816,000 after buying an additional 708,989 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

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.