Zacks Investment Research Downgrades IDACORP (IDA) to Hold

Zacks Investment Research downgraded shares of IDACORP (NYSE:IDA) from a buy rating to a hold rating in a research report report published on Wednesday, January 3rd.

According to Zacks, “Shares of IDACORP have gained higher than the industry in the last year.  The utility has plans to invest nearly $1.5 billion over 2017-2021 for transmission and plant expansion projects, which will allow the company to provide efficient services to expanding customer base. Its Board of Directors has been approving annual increase in dividends since 2012 on the back of the company’s consistent performance. 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.”

A number of other equities analysts have also weighed in on IDA. KeyCorp restated a hold rating on shares of IDACORP in a report on Friday, October 20th. ValuEngine upgraded shares of IDACORP from a hold rating to a buy rating in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $91.00.

IDACORP (NYSE IDA) traded down $0.75 during mid-day trading on Wednesday, hitting $83.29. 452,300 shares of the stock traded hands, compared to its average volume of 345,275. IDACORP has a 1 year low of $78.05 and a 1 year high of $100.04. The stock has a market capitalization of $4,200.00, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 4.23 and a beta of 0.55. The company has a quick ratio of 1.53, a current ratio of 2.03 and a debt-to-equity ratio of 0.78.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, November 2nd. The coal producer reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.66 by $0.14. IDACORP had a net margin of 15.46% and a return on equity of 9.44%. The company had revenue of $408.32 million during the quarter. During the same quarter in the previous year, the firm earned $1.65 earnings per share. analysts forecast that IDACORP will post 4.12 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its position in shares of IDACORP by 0.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,248 shares of the coal producer’s stock valued at $703,000 after acquiring an additional 50 shares during the period. Amalgamated Bank grew its position in shares of IDACORP by 1.2% during the 2nd quarter. Amalgamated Bank now owns 7,182 shares of the coal producer’s stock valued at $613,000 after acquiring an additional 82 shares during the period. Advisor Group Inc. grew its position in shares of 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 period. State Board of Administration of Florida Retirement System grew its position in shares of IDACORP by 0.6% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 20,208 shares of the coal producer’s stock valued at $1,725,000 after acquiring an additional 121 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of IDACORP by 5.7% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,604 shares of the coal producer’s stock valued at $222,000 after acquiring an additional 140 shares during the period. Institutional investors and hedge funds own 75.51% of the company’s stock.

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About IDACORP

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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