IDACORP (NYSE:IDA) Price Target Lowered to $131.00 at Morgan Stanley

Key Points

• Morgan Stanley has lowered its price target for IDACORP from $133.00 to $131.00 while keeping an "equal weight" rating on the stock, indicating a potential upside of 2.50% from its previous close.
• IDACORP reported $1.76 EPS in its latest earnings, meeting analysts' expectations, with revenue of $531.10 million, significantly above the consensus estimate.
• Institutional investors have increased their stakes in IDACORP, with a reported 89.10% of the stock owned by hedge funds and other institutional investors as of the latest quarter.

IDACORP (NYSE:IDA - Get Free Report) had its target price lowered by equities researchers at Morgan Stanley from $133.00 to $131.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the energy company's stock. Morgan Stanley's target price would indicate a potential upside of 2.50% from the stock's previous close.

IDA has been the subject of a number of other research reports. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. UBS Group restated a "neutral" rating and issued a $120.00 price target (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $123.29.

IDACORP Trading Down 0.5%

IDA traded down $0.63 on Thursday, reaching $127.81. 98,073 shares of the company's stock were exchanged, compared to its average volume of 406,631. The company's 50 day moving average is $124.89 and its 200-day moving average is $118.95. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.67 and a beta of 0.59. IDACORP has a twelve month low of $99.81 and a twelve month high of $129.48. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.76. The firm had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter in the prior year, the company earned $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Equities analysts predict that IDACORP will post 5.81 earnings per share for the current year.

Hedge Funds Weigh In On IDACORP

Institutional investors and hedge funds have recently made changes to their positions in the business. Valeo Financial Advisors LLC lifted its stake in IDACORP by 6.4% during the second quarter. Valeo Financial Advisors LLC now owns 2,319 shares of the energy company's stock worth $268,000 after purchasing an additional 140 shares during the last quarter. Osaic Holdings Inc. lifted its stake in IDACORP by 120.6% during the second quarter. Osaic Holdings Inc. now owns 12,651 shares of the energy company's stock worth $1,465,000 after purchasing an additional 6,915 shares during the last quarter. Centaurus Financial Inc. bought a new position in IDACORP during the second quarter worth $113,000. Orion Porfolio Solutions LLC increased its position in IDACORP by 2.7% in the second quarter. Orion Porfolio Solutions LLC now owns 18,722 shares of the energy company's stock worth $2,161,000 after buying an additional 492 shares during the period. Finally, Thrivent Financial for Lutherans increased its position in IDACORP by 1.8% in the second quarter. Thrivent Financial for Lutherans now owns 12,719 shares of the energy company's stock worth $1,468,000 after buying an additional 229 shares during the period. 89.10% of the stock is currently owned by hedge funds and other 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.

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