IDACORP (NYSE:IDA) Price Target Lowered to $120.00 at UBS Group

IDACORP (NYSE:IDA - Get Free Report) had its target price lowered by stock analysts at UBS Group from $121.00 to $120.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the energy company's stock. UBS Group's price objective would suggest a potential upside of 2.67% from the stock's current price.

A number of other research firms have also issued reports on IDA. Wells Fargo & Company boosted their price objective on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Jefferies Financial Group upgraded IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Wall Street Zen cut IDACORP from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. Bank of America raised their price target on IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a research report on Monday, March 3rd. Finally, Guggenheim lifted their target price on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, IDACORP has a consensus rating of "Hold" and an average target price of $122.86.

IDACORP Stock Down 0.3%

IDA stock traded down $0.35 during mid-day trading on Monday, reaching $116.88. The company had a trading volume of 708,020 shares, compared to its average volume of 354,187. The firm has a fifty day simple moving average of $116.24 and a 200 day simple moving average of $113.89. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP has a fifty-two week low of $90.64 and a fifty-two week high of $120.84.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.07. The firm had revenue of $432.46 million during the quarter, compared to analysts' expectations of $442.24 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. During the same period in the previous year, the firm posted $0.95 earnings per share. Analysts forecast that IDACORP will post 5.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently modified their holdings of IDA. Wellington Management Group LLP boosted its stake in IDACORP by 43.3% during the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company's stock valued at $374,279,000 after purchasing an additional 1,035,133 shares during the last quarter. Jennison Associates LLC acquired a new stake in IDACORP in the 1st quarter worth about $71,437,000. Reaves W H & Co. Inc. grew its position in shares of IDACORP by 75.4% in the fourth quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company's stock valued at $109,103,000 after purchasing an additional 429,276 shares in the last quarter. Raymond James Financial Inc. purchased a new position in IDACORP in the fourth quarter valued at $37,104,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of IDACORP by 596.7% in the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company's stock valued at $41,451,000 after acquiring an additional 324,866 shares during the period. 89.10% of the stock is owned by institutional investors.

IDACORP Company Profile

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.