Zacks Investment Research Upgrades IDACORP (IDA) to Buy

Zacks Investment Research upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a report issued on Thursday morning. They currently have $104.00 target price on the coal producer’s stock.

According to Zacks, “In the past 12 months, shares of IDACORP have outperformed its industry. IDACORP is gaining from constructive regulatory proceedings. The company has plans to invest substantially over the 2018-2022 time frame, in a bid to improve Idaho Power's core business, along with transmission and plant-expansion projects, which will allow the company to provide efficient services as well as expand its customer base. However, IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company.”

Separately, Wells Fargo & Co lifted their price target on shares of IDACORP from $95.00 to $96.00 and gave the company a market perform rating in a research note on Monday, September 17th.

IDACORP stock opened at $94.25 on Thursday. The company has a quick ratio of 1.86, a current ratio of 2.33 and a debt-to-equity ratio of 0.77. IDACORP has a fifty-two week low of $79.59 and a fifty-two week high of $102.44. The company has a market cap of $4.72 billion, a PE ratio of 22.39, a P/E/G ratio of 8.25 and a beta of 0.40.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, November 1st. The coal producer reported $2.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.26. IDACORP had a net margin of 17.55% and a return on equity of 10.43%. The firm had revenue of $408.80 million during the quarter, compared to the consensus estimate of $405.79 million. During the same quarter in the previous year, the firm posted $1.80 earnings per share. On average, sell-side analysts predict that IDACORP will post 4.45 EPS for the current year.

Several institutional investors have recently bought and sold shares of IDA. First Hawaiian Bank bought a new stake in shares of IDACORP during the third quarter valued at approximately $116,000. Radnor Capital Management LLC bought a new position in IDACORP in the third quarter worth approximately $204,000. Redpoint Investment Management Pty Ltd bought a new position in IDACORP in the third quarter worth approximately $204,000. Panagora Asset Management Inc. raised its stake in IDACORP by 1,292.7% in the third quarter. Panagora Asset Management Inc. now owns 2,089 shares of the coal producer’s stock worth $207,000 after buying an additional 1,939 shares in the last quarter. Finally, Pring Turner Capital Group Inc. bought a new position in IDACORP in the third quarter worth approximately $213,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

About IDACORP

IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.

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