Bank of America Begins Coverage on IDACORP (IDA)

Bank of America assumed coverage on shares of IDACORP (NYSE:IDA) in a research note published on Tuesday morning, Marketbeat.com reports. The firm issued an underperform rating and a $85.00 target price on the coal producer’s stock.

Other equities research analysts have also recently issued reports about the company. ValuEngine upgraded IDACORP from a hold rating to a buy rating in a report on Sunday, December 31st. Zacks Investment Research cut IDACORP from a buy rating to a hold rating in a report on Wednesday, January 3rd. Finally, KeyCorp restated a hold rating on shares of IDACORP in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. IDACORP presently has a consensus rating of Hold and a consensus target price of $91.00.

IDACORP (NYSE IDA) traded up $0.03 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 1 year low of $78.05 and a 1 year 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 PE ratio of 20.32, a P/E/G ratio of 4.92 and a beta of 0.55.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, November 2nd. The coal producer reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.14. IDACORP had a return on equity of 9.44% and a net margin of 15.46%. The firm had revenue of $408.32 million during the quarter. During the same quarter in the previous year, the company posted $1.65 earnings per share. research analysts expect that IDACORP will post 4.11 EPS for the current fiscal year.

A number of hedge funds have recently modified their holdings of IDA. Zions Bancorporation purchased a new stake in IDACORP during the 3rd quarter valued at about $104,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings 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 period. Advisor Group Inc. boosted its holdings 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 period. Riverhead Capital Management LLC boosted its holdings 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 period. Finally, ETRADE Capital Management LLC purchased a new stake in IDACORP during the 2nd quarter valued at about $200,000. Institutional investors 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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