UBS Group Raises IDACORP (NYSE:IDA) Price Target to $122.00

IDACORP (NYSE:IDA) had its price objective increased by stock analysts at UBS Group from $117.00 to $122.00 in a report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the energy company’s stock. UBS Group’s price target points to a potential upside of 6.37% from the company’s previous close.

IDA has been the subject of several other reports. Morgan Stanley lifted their price target on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday. Bank of America raised their price objective on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Jefferies Financial Group lowered their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Finally, Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $120.50.

IDACORP Price Performance

Shares of NYSE:IDA traded down $1.53 during midday trading on Friday, reaching $114.70. 51,362 shares of the company’s stock were exchanged, compared to its average volume of 313,113. The company’s 50 day simple moving average is $112.07 and its two-hundred day simple moving average is $109.71. The firm has a market capitalization of $6.19 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. IDACORP has a 12 month low of $88.70 and a 12 month high of $120.42. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The firm had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. Equities research analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. M&T Bank Corp lifted its position in shares of IDACORP by 0.8% in the third quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock worth $1,133,000 after purchasing an additional 92 shares in the last quarter. AMG National Trust Bank lifted its position in shares of IDACORP by 0.6% in the fourth quarter. AMG National Trust Bank now owns 15,248 shares of the energy company’s stock worth $1,670,000 after purchasing an additional 98 shares in the last quarter. CENTRAL TRUST Co lifted its position in shares of IDACORP by 13.7% in the fourth quarter. CENTRAL TRUST Co now owns 832 shares of the energy company’s stock worth $91,000 after purchasing an additional 100 shares in the last quarter. Pitcairn Co. lifted its position in shares of IDACORP by 2.3% in the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock worth $495,000 after purchasing an additional 107 shares in the last quarter. Finally, Perigon Wealth Management LLC lifted its position in shares of IDACORP by 4.1% in the fourth quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock worth $311,000 after purchasing an additional 112 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

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.