UBS Group Raises IDACORP (NYSE:IDA) Price Target to $122.00

IDACORP (NYSE:IDA) had its price target boosted by research analysts at UBS Group from $117.00 to $122.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. UBS Group’s price target suggests a potential upside of 6.37% from the stock’s current price.

Several other brokerages have also commented on IDA. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Jefferies Financial Group dropped their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Finally, Morgan Stanley increased their price target on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $120.50.

IDACORP Stock Down 1.3 %

IDA stock traded down $1.53 during midday trading on Friday, reaching $114.70. The company had a trading volume of 51,362 shares, compared to its average volume of 313,113. IDACORP has a 1 year low of $88.70 and a 1 year high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $6.19 billion, a P/E ratio of 20.95, a PEG ratio of 2.32 and a beta of 0.59. The company has a 50 day moving average of $112.07 and a two-hundred day moving average of $109.71.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. On average, equities research analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

Institutional Trading of IDACORP

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System grew its position in IDACORP by 3.9% in the 4th quarter. California State Teachers Retirement System now owns 49,824 shares of the energy company’s stock worth $5,445,000 after purchasing an additional 1,857 shares during the last quarter. 111 Capital acquired a new stake in IDACORP in the 4th quarter worth $595,000. Wealth Enhancement Advisory Services LLC grew its position in IDACORP by 18.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,127 shares of the energy company’s stock worth $670,000 after purchasing an additional 971 shares during the last quarter. Wood Tarver Financial Group LLC acquired a new stake in IDACORP in the 4th quarter worth $403,000. Finally, Putney Financial Group LLC acquired a new stake in IDACORP in the 4th quarter worth $163,000. 89.10% of the stock is currently 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.