IDACORP (NYSE:IDA) Raised to Strong-Buy at Barclays

IDACORP (NYSE:IDA) was upgraded by Barclays to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on IDA. Wall Street Zen cut IDACORP from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. BTIG Research raised IDACORP to a “strong-buy” rating in a report on Wednesday, October 22nd. Wells Fargo & Company raised IDACORP to a “hold” rating in a report on Tuesday, October 28th. Jefferies Financial Group reiterated a “buy” rating and issued a $152.00 price objective on shares of IDACORP in a research report on Monday, December 1st. Finally, UBS Group dropped their price objective on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $138.56.

IDACORP Price Performance

Shares of NYSE:IDA opened at $134.65 on Wednesday. IDACORP has a 12 month low of $107.27 and a 12 month high of $138.03. The firm has a market capitalization of $7.28 billion, a P/E ratio of 23.14, a P/E/G ratio of 2.58 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. The company’s fifty day moving average price is $128.02 and its 200 day moving average price is $127.09.

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

Institutional Investors Weigh In On IDACORP

A number of hedge funds and other institutional investors have recently modified their holdings of IDA. Jennison Associates LLC grew its holdings in shares of IDACORP by 115.3% in the 2nd quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock worth $152,816,000 after acquiring an additional 708,989 shares during the period. Orion Porfolio Solutions LLC boosted its position in IDACORP by 3,215.7% during the second quarter. Orion Porfolio Solutions LLC now owns 604,451 shares of the energy company’s stock worth $69,784,000 after purchasing an additional 586,221 shares in the last quarter. Zimmer Partners LP purchased a new stake in IDACORP during the third quarter worth $71,031,000. Soros Fund Management LLC acquired a new stake in IDACORP in the second quarter valued at $46,919,000. Finally, Invesco Ltd. increased its position in shares of IDACORP by 139.4% in the third quarter. Invesco Ltd. now owns 591,812 shares of the energy company’s stock valued at $78,208,000 after buying an additional 344,622 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.