IDACORP (NYSE:IDA) Given New $163.00 Price Target at Barclays

Key Points

• Barclays raised its IDACORP price target to $163 from $149 while maintaining an “overweight” rating, implying 11.51% upside from the prior close.
• Analyst sentiment remains favorable overall, with six Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $152.29.
• IDACORP exceeded quarterly expectations, reporting $2.73 in EPS versus the $2.51 consensus and revenue of $608.04 million versus $603 million expected.

IDACORP (NYSE:IDA - Get Free Report) had its price target boosted by Barclays from $149.00 to $163.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the energy company's stock. Barclays's price objective would indicate a potential upside of 11.51% from the stock's previous close.

IDA has been the subject of a number of other reports. BTIG Research reiterated a "buy" rating and issued a $155.00 target price on shares of IDACORP in a research note on Monday. Morgan Stanley raised their price target on shares of IDACORP from $143.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, October 21st. Wall Street Zen lowered shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings reiterated a "buy (b)" rating on shares of IDACORP in a report on Friday. Finally, Wells Fargo & Company increased their target price on shares of IDACORP from $154.00 to $155.00 and gave the stock an "equal weight" rating in a research report on Friday, July 31st. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, IDACORP has a consensus rating of "Moderate Buy" and a consensus price target of $152.29.

IDACORP Price Performance

Shares of IDACORP stock opened at $146.18 on Tuesday. The company has a current ratio of 0.99, a quick ratio of 0.75 and a debt-to-equity ratio of 0.97. IDACORP has a twelve month low of $124.12 and a twelve month high of $154.91. The business's fifty day moving average price is $135.66 and its 200 day moving average price is $140.78. The stock has a market capitalization of $8.46 billion, a P/E ratio of 22.45, a PEG ratio of 2.42 and a beta of 0.48.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.22. The business had revenue of $608.04 million during the quarter, compared to analyst estimates of $603.00 million. IDACORP had a return on equity of 9.34% and a net margin of 18.78%. During the same period in the previous year, the company earned $2.26 EPS. As a group, research analysts anticipate that IDACORP will post 6.41 earnings per share for the current year.

Hedge Funds Weigh In On IDACORP

A number of institutional investors have recently modified their holdings of IDA. BlackRock Inc. acquired a new stake in shares of IDACORP during the 2nd quarter worth approximately $1,033,914,000. Jennison Associates LLC increased its position in shares of IDACORP by 0.9% during the first quarter. Jennison Associates LLC now owns 1,497,342 shares of the energy company's stock valued at $214,075,000 after purchasing an additional 13,694 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of IDACORP in the second quarter valued at $72,143,000. Energy Income Partners LLC acquired a new position in shares of IDACORP in the second quarter valued at $60,618,000. Finally, Bank of America Corp DE bought a new position in IDACORP in the second quarter worth $54,985,000. Institutional investors own 89.10% of the company's stock.

IDACORP Company Profile

IDACORP, Inc is a holding company whose principal subsidiary, Idaho Power Company, is a regulated electric utility. Idaho Power generates, purchases, transmits, distributes and sells electricity to residential, commercial, industrial and agricultural customers.

Idaho Power serves customers across southern Idaho and eastern Oregon. Its power supply includes a substantial hydroelectric system, along with energy from thermal, wind, solar and other resources. The company also operates and maintains the transmission and distribution infrastructure needed to deliver electricity throughout its service area.

Idaho Power traces its history to 1916, when it was established to provide electric service in Idaho.

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