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

IDACORP (NYSE:IDA - Get Free Report) had its price target reduced by equities research analysts at UBS Group from $121.00 to $120.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the energy company's stock. UBS Group's price target would suggest a potential upside of 4.09% from the stock's current price.

Several other research analysts have also recently weighed in on the stock. Bank of America lifted 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. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Wall Street Zen cut shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. Wells Fargo & Company lifted their price target on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Finally, Guggenheim lifted their price target on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $122.86.

IDACORP Stock Performance

IDA stock traded down $0.14 on Monday, hitting $115.28. The company had a trading volume of 206,750 shares, compared to its average volume of 355,541. IDACORP has a 12-month low of $90.64 and a 12-month high of $120.84. 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 stock's 50-day simple moving average is $116.29 and its 200 day simple moving average is $113.92. The stock has a market cap of $6.23 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 2.32 and a beta of 0.59.

IDACORP (NYSE:IDA - Get Free Report) last issued its earnings results 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. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $432.46 million for the quarter, compared to analysts' expectations of $442.24 million. During the same quarter last year, the company posted $0.95 earnings per share. As a group, equities research analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

Institutional Trading of IDACORP

Several institutional investors and hedge funds have recently modified their holdings of IDA. Wellington Management Group LLP raised its position in shares of 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 period. Jennison Associates LLC bought a new stake in IDACORP in the 1st quarter valued at $71,437,000. Reaves W H & Co. Inc. increased its holdings in IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company's stock valued at $109,103,000 after acquiring an additional 429,276 shares during the last quarter. Raymond James Financial Inc. bought a new stake in IDACORP in the 4th quarter valued at $37,104,000. Finally, Ameriprise Financial Inc. increased its holdings in 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 last quarter. 89.10% of the stock is currently owned by institutional investors.

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.