IDACORP (NYSE:IDA) Rating Lowered to Sell at Wall Street Zen

IDACORP (NYSE:IDA) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other research analysts also recently weighed in on the stock. Wells Fargo & Company upgraded shares of IDACORP to a “hold” rating in a research report on Tuesday, October 28th. Jefferies Financial Group reissued a “buy” rating and set a $152.00 price target on shares of IDACORP in a report on Monday, December 1st. UBS Group cut their price objective on IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $139.00 price target on IDACORP and gave the company an “overweight” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, IDACORP has an average rating of “Moderate Buy” and an average price target of $137.88.

IDACORP Trading Up 0.5%

IDACORP stock opened at $128.07 on Friday. IDACORP has a one year low of $104.74 and a one year high of $138.03. The business’s fifty day moving average is $127.77 and its 200 day moving average is $126.68. The stock has a market capitalization of $6.92 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 2.49 and a beta of 0.61. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.09 and a quick ratio of 0.82.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The business had revenue of $524.42 million during the quarter, compared to analyst estimates of $663.09 million. IDACORP had a return on equity of 9.35% and a net margin of 17.59%.During the same quarter in the previous year, the firm earned $2.12 EPS. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, sell-side analysts predict that IDACORP will post 5.81 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in IDACORP by 6.3% during the 2nd quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after acquiring an additional 110,885 shares during the period. Reaves W H & Co. Inc. raised its position in shares of IDACORP by 8.5% during the 3rd quarter. Reaves W H & Co. Inc. now owns 1,700,680 shares of the energy company’s stock valued at $224,745,000 after purchasing an additional 133,836 shares during the period. Alliancebernstein L.P. raised its position in shares of IDACORP by 1.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock valued at $162,190,000 after purchasing an additional 13,283 shares during the period. Jennison Associates LLC lifted its stake in shares of IDACORP by 3.5% during the 3rd quarter. Jennison Associates LLC now owns 1,370,069 shares of the energy company’s stock valued at $181,055,000 after buying an additional 46,413 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in IDACORP by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,021,027 shares of the energy company’s stock worth $117,905,000 after buying an additional 15,223 shares during the period. 89.10% of the stock is currently owned by institutional investors.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.