IDACORP (NYSE:IDA) Rating Increased to Strong-Buy at BTIG Research

Key Points

• IDACORP has been upgraded to a strong-buy rating by BTIG Research, indicating increased confidence in the stock's potential.
• Jefferies Financial Group increased their target price for IDACORP shares from $144.00 to $155.00, reflecting a positive outlook from multiple brokerages.
• The company reported EPS of $1.76 for its latest quarter, aligning with estimates, and anticipates annual earnings of around 5.81 EPS for the current year.

IDACORP (NYSE:IDA - Get Free Report) was upgraded by equities researchers at BTIG Research to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also commented on IDA. Jefferies Financial Group raised their target price on shares of IDACORP from $144.00 to $155.00 and gave the stock a "buy" rating in a research report on Wednesday. Morgan Stanley reaffirmed an "outperform" rating and set a $141.00 target price on shares of IDACORP in a research report on Wednesday. Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of IDACORP in a research report on Wednesday, October 8th. Finally, UBS Group reaffirmed a "neutral" rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $133.38.

IDACORP Stock Up 0.0%

Shares of NYSE IDA opened at $135.78 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The company has a market cap of $7.34 billion, a P/E ratio of 23.91, a PEG ratio of 2.90 and a beta of 0.56. IDACORP has a 1 year low of $100.10 and a 1 year high of $138.03. The firm has a 50-day simple moving average of $128.91 and a two-hundred day simple moving average of $121.43.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. The business 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 last year, the firm earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Research analysts anticipate that IDACORP will post 5.81 earnings per share for the current year.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in IDACORP by 3.2% during the first quarter. Wellington Management Group LLP now owns 3,536,138 shares of the energy company's stock valued at $410,970,000 after buying an additional 111,182 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in IDACORP by 10.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock valued at $245,243,000 after acquiring an additional 200,465 shares in the last quarter. State Street Corp boosted its stake in IDACORP by 6.3% in the second quarter. State Street Corp now owns 1,873,225 shares of the energy company's stock valued at $216,264,000 after acquiring an additional 110,885 shares in the last quarter. Alliancebernstein L.P. boosted its stake in IDACORP by 1.0% in the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company's stock valued at $162,190,000 after acquiring an additional 13,283 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in IDACORP by 115.3% in the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company's stock valued at $152,816,000 after acquiring an additional 708,989 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other 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.

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