IDACORP, Inc. (NYSE:IDA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Year to date shares of IDACORP has returned higher than the broader industry. IDACORP stands to gain from improving economic conditions in service territories, which, in turn, is increasing the demand for utility services. 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 its expanding customer base. However, the company 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. Currently, the valuation of the company appears to be stretched on a P/E multiple basis.”

Separately, BidaskClub downgraded IDACORP from a “buy” rating to a “hold” rating in a research report on Friday, June 30th.

Shares of IDACORP (NYSE IDA) traded up 0.69% during midday trading on Friday, hitting $84.64. 211,464 shares of the stock were exchanged. The firm’s 50-day moving average is $86.97 and its 200 day moving average is $82.92. The firm has a market cap of $4.27 billion, a PE ratio of 20.70 and a beta of 0.51. IDACORP has a 52-week low of $72.93 and a 52-week high of $90.67.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, May 4th. The coal producer reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.10. The firm had revenue of $302.54 million during the quarter. IDACORP had a return on equity of 9.60% and a net margin of 16.02%. During the same quarter in the prior year, the company posted $0.51 earnings per share. On average, analysts forecast that IDACORP will post $3.99 earnings per share for the current year.

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In related news, VP Lisa A. Grow sold 1,200 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $88.62, for a total value of $106,344.00. Following the completion of the sale, the vice president now directly owns 17,248 shares in the company, valued at $1,528,517.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.71% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Jaffetilchin Investment Partners LLC bought a new stake in shares of IDACORP during the first quarter worth about $203,000. Quadrature Capital Ltd bought a new stake in shares of IDACORP during the fourth quarter worth about $206,000. Jane Street Group LLC bought a new stake in shares of IDACORP during the first quarter worth about $209,000. Creative Planning increased its stake in shares of IDACORP by 39.5% in the first quarter. Creative Planning now owns 2,579 shares of the coal producer’s stock worth $214,000 after buying an additional 730 shares in the last quarter. Finally, World Asset Management Inc increased its stake in shares of IDACORP by 1.7% in the first quarter. World Asset Management Inc now owns 3,122 shares of the coal producer’s stock worth $259,000 after buying an additional 51 shares in the last quarter. Institutional investors own 78.49% of the company’s stock.

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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