IDACORP (NYSE:IDA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “In a year’s time, shares of IDACORP have gained against a decline in the industry. The utility has plans to invest nearly $1.5 billion over 2018-2022 time frame for transmission and plant expansion projects, which will allow the company to provide efficient services along with 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. However, 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.”
IDA has been the topic of a number of other research reports. Bank of America assumed coverage on IDACORP in a research note on Tuesday, January 9th. They issued an “underperform” rating and a $85.00 price target on the stock. ValuEngine raised IDACORP from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Williams Capital reaffirmed a “hold” rating and set a $80.00 target price (down previously from $86.00) on shares of IDACORP in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $87.33.
IDA traded up $0.11 during trading on Monday, reaching $87.36. The company had a trading volume of 73,613 shares, compared to its average volume of 341,647. The stock has a market capitalization of $4,396.73, a P/E ratio of 20.75, a P/E/G ratio of 5.13 and a beta of 0.39. IDACORP has a 12-month low of $79.59 and a 12-month high of $100.04. The company has a current ratio of 2.21, a quick ratio of 1.65 and a debt-to-equity ratio of 0.77.
IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, February 22nd. The coal producer reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.10. The firm had revenue of $305.61 million for the quarter, compared to analysts’ expectations of $274.05 million. IDACORP had a return on equity of 9.59% and a net margin of 15.74%. During the same quarter last year, the business posted $0.66 EPS. research analysts predict that IDACORP will post 4.18 earnings per share for the current year.
In other IDACORP news, VP Tessia Park sold 300 shares of IDACORP stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $85.40, for a total transaction of $25,620.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Steven R. Keen sold 3,557 shares of IDACORP stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $87.72, for a total value of $312,020.04. Following the transaction, the chief financial officer now directly owns 17,240 shares in the company, valued at approximately $1,512,292.80. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Motco purchased a new position in IDACORP during the 4th quarter valued at about $100,000. Zions Bancorporation acquired a new stake in shares of IDACORP during the 3rd quarter valued at about $104,000. Two Sigma Securities LLC acquired a new stake in shares of IDACORP during the 4th quarter valued at about $202,000. Cypress Wealth Advisors LLC acquired a new stake in shares of IDACORP during the 4th quarter valued at about $203,000. Finally, Mountain Pacific Investment Advisers Inc. ID acquired a new stake in shares of IDACORP during the 4th quarter valued at about $204,000. 75.65% of the stock is currently owned by institutional investors.
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IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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