Morgan Stanley Forecasts Strong Price Appreciation for IDACORP (NYSE:IDA) Stock

IDACORP (NYSE:IDA) had its price objective upped by Morgan Stanley from $110.00 to $121.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s target price would indicate a potential upside of 7.02% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Jefferies Financial Group assumed coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Finally, Wells Fargo & Company upped their price objective on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $111.00.

IDACORP Stock Performance

NYSE:IDA opened at $113.06 on Friday. The business’s fifty day moving average is $110.64 and its 200 day moving average is $102.48. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 2.51 and a beta of 0.64. 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 has a 52-week low of $86.43 and a 52-week high of $120.42.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the prior year, the company earned $2.07 earnings per share. Research analysts predict that IDACORP will post 5.41 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. M&T Bank Corp boosted its stake in shares of IDACORP by 0.8% in the 3rd quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock valued at $1,133,000 after purchasing an additional 92 shares in the last quarter. Trust Point Inc. lifted its stake in IDACORP by 1.4% in the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock worth $760,000 after purchasing an additional 101 shares during the last quarter. Blue Trust Inc. boosted its position in IDACORP by 7.5% during the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after buying an additional 106 shares during the period. Raymond James Trust N.A. grew its stake in shares of IDACORP by 1.7% during the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after buying an additional 107 shares during the last quarter. Finally, Pitcairn Co. increased its holdings 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 buying an additional 107 shares during the period. 89.10% of the stock is currently owned by institutional investors.

IDACORP Company Profile

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.