Zacks Investment Research Upgrades IDACORP (IDA) to Buy

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Zacks Investment Research upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a research report released on Thursday morning. They currently have $104.00 target price on the coal producer’s stock.

According to Zacks, “In the past 12 months, shares of IDACORP have outperformed its industry. IDACORP is gaining from constructive regulatory proceedings. The company has plans to invest substantially over the 2018-2022 time frame, in a bid to improve Idaho Power's core business, along with transmission and plant-expansion projects, which will allow the company to provide efficient services as well as expand its customer base. However, IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company.”

Separately, Wells Fargo & Co boosted their price objective on shares of IDACORP from $95.00 to $96.00 and gave the company a market perform rating in a report on Monday, September 17th.

Shares of IDA opened at $94.25 on Thursday. The firm has a market cap of $4.72 billion, a PE ratio of 22.39, a P/E/G ratio of 8.25 and a beta of 0.40. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.86 and a current ratio of 2.33. IDACORP has a 1-year low of $79.59 and a 1-year high of $102.44.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, November 1st. The coal producer reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.26. The firm had revenue of $408.80 million for the quarter, compared to analyst estimates of $405.79 million. IDACORP had a net margin of 17.55% and a return on equity of 10.43%. During the same period in the previous year, the company earned $1.80 earnings per share. Sell-side analysts anticipate that IDACORP will post 4.45 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in IDA. State of Alaska Department of Revenue boosted its holdings in IDACORP by 9.3% in the fourth quarter. State of Alaska Department of Revenue now owns 9,833 shares of the coal producer’s stock valued at $915,000 after purchasing an additional 840 shares during the last quarter. Martingale Asset Management L P boosted its holdings in IDACORP by 0.5% in the third quarter. Martingale Asset Management L P now owns 63,507 shares of the coal producer’s stock valued at $6,302,000 after purchasing an additional 300 shares during the last quarter. Vanguard Group Inc boosted its holdings in IDACORP by 2.5% in the third quarter. Vanguard Group Inc now owns 5,324,315 shares of the coal producer’s stock valued at $528,332,000 after purchasing an additional 129,108 shares during the last quarter. Vanguard Group Inc. boosted its holdings in IDACORP by 2.5% in the third quarter. Vanguard Group Inc. now owns 5,324,315 shares of the coal producer’s stock valued at $528,332,000 after purchasing an additional 129,108 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in IDACORP by 34.4% in the third quarter. Nordea Investment Management AB now owns 44,822 shares of the coal producer’s stock valued at $4,448,000 after purchasing an additional 11,465 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Company Profile

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.

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