IDACORP (IDA) Now Covered by Bank of America

Bank of America began coverage on shares of IDACORP (NYSE:IDA) in a report published on Tuesday, MarketBeat reports. The brokerage issued an underperform rating and a $85.00 price objective on the coal producer’s stock.

Other research analysts have also issued research reports about the company. Zacks Investment Research lowered IDACORP from a buy rating to a hold rating in a research report on Wednesday, January 3rd. ValuEngine raised IDACORP from a hold rating to a buy rating in a research report on Thursday, November 9th. Finally, KeyCorp reaffirmed a hold rating on shares of IDACORP in a research report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. IDACORP presently has a consensus rating of Hold and an average price target of $91.00.

IDACORP (NYSE IDA) traded up $0.03 on Tuesday, reaching $83.32. The company’s stock had a trading volume of 445,304 shares, compared to its average volume of 243,422. The company has a market cap of $4,200.00, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 4.92 and a beta of 0.55. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.03 and a quick ratio of 1.53. IDACORP has a fifty-two week low of $78.05 and a fifty-two week high of $100.04.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, November 2nd. The coal producer reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.66 by $0.14. The business had revenue of $408.32 million during the quarter. IDACORP had a return on equity of 9.44% and a net margin of 15.46%. During the same period in the previous year, the company earned $1.65 EPS. analysts anticipate that IDACORP will post 4.11 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its position in IDACORP by 0.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,248 shares of the coal producer’s stock valued at $703,000 after purchasing an additional 50 shares during the last quarter. Amalgamated Bank raised its position in shares of IDACORP by 1.2% in the 2nd quarter. Amalgamated Bank now owns 7,182 shares of the coal producer’s stock worth $613,000 after acquiring an additional 82 shares in the last quarter. Advisor Group Inc. raised its position in shares of IDACORP by 6.5% in the 2nd quarter. Advisor Group Inc. now owns 1,829 shares of the coal producer’s stock worth $156,000 after acquiring an additional 111 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of IDACORP by 0.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 20,208 shares of the coal producer’s stock worth $1,725,000 after acquiring an additional 121 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in shares of IDACORP by 5.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,604 shares of the coal producer’s stock worth $222,000 after acquiring an additional 140 shares in the last quarter. 75.51% of the stock is owned by institutional investors and hedge funds.

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IDACORP Company Profile

IDACORP, Inc is a holding company. The Company’s principal operating subsidiary is Idaho Power Company (Idaho Power). The Company’s segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity.

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