IDACORP (NYSE:IDA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $104.00 price target on the coal producer’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.34% from the stock’s current price.
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 target price on IDACORP from $95.00 to $96.00 and gave the stock a “market perform” rating in a report on Monday, September 17th.
IDACORP (NYSE:IDA) last issued its earnings results on Thursday, November 1st. The coal producer reported $2.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.26. The business had revenue of $408.80 million for the quarter, compared to analysts’ expectations of $405.79 million. IDACORP had a return on equity of 10.43% and a net margin of 17.55%. During the same period in the previous year, the firm posted $1.80 EPS. As a group, research analysts expect that IDACORP will post 4.45 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. State of Alaska Department of Revenue grew its holdings in shares of IDACORP by 9.3% in the 4th quarter. State of Alaska Department of Revenue now owns 9,833 shares of the coal producer’s stock worth $915,000 after acquiring an additional 840 shares during the last quarter. Martingale Asset Management L P boosted its position in shares of IDACORP by 0.5% in the third quarter. Martingale Asset Management L P now owns 63,507 shares of the coal producer’s stock worth $6,302,000 after buying an additional 300 shares during the period. Vanguard Group Inc boosted its position in shares of IDACORP by 2.5% in the third quarter. Vanguard Group Inc now owns 5,324,315 shares of the coal producer’s stock worth $528,332,000 after buying an additional 129,108 shares during the period. Vanguard Group Inc. boosted its position in shares of IDACORP by 2.5% in the third quarter. Vanguard Group Inc. now owns 5,324,315 shares of the coal producer’s stock worth $528,332,000 after buying an additional 129,108 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of IDACORP by 34.4% in the third quarter. Nordea Investment Management AB now owns 44,822 shares of the coal producer’s stock worth $4,448,000 after buying an additional 11,465 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.
IDACORP Company Profile
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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