IDACORP (IDA) Coverage Initiated by Analysts at Bank of America

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

IDA has been the subject of several other reports. Zacks Investment Research downgraded IDACORP from a hold rating to a sell rating in a report on Tuesday, October 3rd. ValuEngine raised IDACORP from a hold rating to a buy rating in a report on Sunday, December 31st. Finally, KeyCorp reissued a hold rating on shares of IDACORP in a report on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $91.00.

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

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, November 2nd. The coal producer reported $1.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.66 by $0.14. IDACORP had a return on equity of 9.44% and a net margin of 15.46%. The business had revenue of $408.32 million during the quarter. During the same period in the previous year, the firm posted $1.65 earnings per share. sell-side analysts forecast that IDACORP will post 4.11 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Zions Bancorporation purchased a new stake in IDACORP during the 3rd quarter valued at approximately $104,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in IDACORP by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,823 shares of the coal producer’s stock valued at $156,000 after acquiring an additional 224 shares during the last quarter. Advisor Group Inc. raised its stake in IDACORP by 6.5% during the 2nd quarter. Advisor Group Inc. now owns 1,829 shares of the coal producer’s stock valued at $156,000 after acquiring an additional 111 shares during the last quarter. Riverhead Capital Management LLC raised its stake in IDACORP by 77.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,130 shares of the coal producer’s stock valued at $182,000 after acquiring an additional 930 shares during the last quarter. Finally, Vident Investment Advisory LLC purchased a new stake in IDACORP during the 3rd quarter valued at approximately $205,000. 75.51% of the stock is owned by hedge funds and other institutional investors.

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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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