IDACORP (IDA) Upgraded at ValuEngine

ValuEngine upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a report released on Monday morning.

A number of other research analysts also recently weighed in on IDA. Zacks Investment Research downgraded shares of IDACORP from a buy rating to a hold rating in a research report on Wednesday, January 3rd. Bank of America started coverage on shares of IDACORP in a research report on Tuesday, January 9th. They set an underperform rating and a $85.00 target price for the company. Finally, Williams Capital reissued a hold rating and set a $80.00 target price (down from $86.00) on shares of IDACORP in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. IDACORP presently has a consensus rating of Hold and an average target price of $87.33.

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NYSE:IDA opened at $87.66 on Monday. The company has a quick ratio of 1.65, a current ratio of 2.21 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $4,381.11, a price-to-earnings ratio of 20.60, a PEG ratio of 5.11 and a beta of 0.40. IDACORP has a 52 week low of $79.59 and a 52 week high of $100.04.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, February 22nd. The coal producer reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.10. The firm had revenue of $305.61 million during the quarter, compared to analyst estimates of $274.05 million. IDACORP had a net margin of 15.74% and a return on equity of 9.59%. During the same quarter last year, the business posted $0.66 EPS. equities analysts forecast that IDACORP will post 4.18 earnings per share for the current year.

In related news, CFO Steven R. Keen sold 3,557 shares of the firm’s stock in a transaction that occurred on Thursday, March 22nd. The shares were sold at an average price of $87.72, for a total value of $312,020.04. Following the completion of the transaction, the chief financial officer now directly owns 17,240 shares of the company’s stock, valued at approximately $1,512,292.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Tessia Park sold 300 shares of the firm’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $85.40, for a total transaction of $25,620.00. The disclosure for this sale can be found here. 0.71% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ETRADE Capital Management LLC boosted its holdings in IDACORP by 24.4% in the 4th quarter. ETRADE Capital Management LLC now owns 3,514 shares of the coal producer’s stock worth $321,000 after buying an additional 690 shares during the period. Sei Investments Co. boosted its holdings in IDACORP by 10.7% in the 3rd quarter. Sei Investments Co. now owns 7,361 shares of the coal producer’s stock worth $647,000 after buying an additional 710 shares during the period. OppenheimerFunds Inc. boosted its holdings in IDACORP by 14.6% in the 4th quarter. OppenheimerFunds Inc. now owns 5,731 shares of the coal producer’s stock worth $524,000 after buying an additional 730 shares during the period. Nordea Investment Management AB boosted its holdings in IDACORP by 4.0% in the 3rd quarter. Nordea Investment Management AB now owns 19,311 shares of the coal producer’s stock worth $1,698,000 after buying an additional 737 shares during the period. Finally, Meadow Creek Investment Management LLC boosted its holdings in IDACORP by 11.4% in the 4th quarter. Meadow Creek Investment Management LLC now owns 7,644 shares of the coal producer’s stock worth $698,000 after buying an additional 784 shares during the period. 75.65% of the stock is owned by institutional investors.

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About IDACORP

IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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