IDACORP, Inc. (NYSE:IDA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Shares of IDACORP have returned more than the industry in the last 12 months. IDACORP's second quarter 2017 earnings missed the Zacks Consensus Estimate primarily due to soft irrigation sales. IDACORP continues 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 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 cut shares of IDACORP from a “buy” rating to a “hold” rating in a research report on Friday, June 30th.

Shares of IDACORP (IDA) opened at 88.81 on Wednesday. IDACORP has a one year low of $72.93 and a one year high of $90.67. The stock’s 50 day moving average price is $86.53 and its 200 day moving average price is $84.77. The stock has a market capitalization of $4.48 billion, a P/E ratio of 22.43 and a beta of 0.51.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, August 3rd. The coal producer reported $0.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $333.01 million for the quarter. IDACORP had a return on equity of 9.20% and a net margin of 15.31%. During the same quarter in the previous year, the business earned $1.12 earnings per share. On average, analysts forecast that IDACORP will post $4.00 EPS for the current year.

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In other IDACORP news, VP Lisa A. Grow sold 1,200 shares of IDACORP stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $88.62, for a total transaction of $106,344.00. Following the transaction, the vice president now owns 17,248 shares of the company’s stock, valued at approximately $1,528,517.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of IDACORP by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,823 shares of the coal producer’s stock valued at $156,000 after buying an additional 224 shares during the last quarter. Advisor Group Inc. raised its position in IDACORP by 6.5% in the second quarter. Advisor Group Inc. now owns 1,829 shares of the coal producer’s stock worth $156,000 after buying an additional 111 shares in the last quarter. Riverhead Capital Management LLC raised its position in IDACORP by 77.5% in the second quarter. Riverhead Capital Management LLC now owns 2,130 shares of the coal producer’s stock worth $182,000 after buying an additional 930 shares in the last quarter. ETRADE Capital Management LLC acquired a new position in IDACORP during the second quarter worth $200,000. Finally, LifePlan Financial Group Inc acquired a new position in IDACORP during the second quarter worth $205,000. Institutional investors own 75.95% of the company’s stock.

IDACORP Company Profile

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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