Zacks: IDACORP Inc (IDA) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of IDACORP Inc (NYSE:IDA) have earned a consensus broker rating score of 3.25 (Hold) from the four brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. IDACORP’s rating score has declined by 8.3% from 90 days ago as a result of various analysts’ ratings changes.
Brokerages have set a 1 year consensus price objective of $87.33 for the company and are expecting that the company will post $0.67 earnings per share for the current quarter, according to Zacks. Zacks has also given IDACORP an industry rank of 225 out of 265 based on the ratings given to its competitors.
A number of research firms have issued reports on IDA. ValuEngine raised IDACORP from a “hold” rating to a “buy” rating in a research note on Thursday, November 9th. KeyCorp reiterated a “hold” rating on shares of IDACORP in a report on Friday, October 20th. Zacks Investment Research cut IDACORP from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. Finally, Bank of America initiated coverage on IDACORP in a report on Tuesday. They issued an “underperform” rating and a $85.00 target price for the company.
IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, November 2nd. The coal producer reported $1.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.66 by $0.14. IDACORP had a return on equity of 9.44% and a net margin of 15.46%. The business had revenue of $408.32 million for the quarter. During the same period in the previous year, the firm earned $1.65 EPS. equities research analysts expect that IDACORP will post 4.11 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. Zions Bancorporation purchased a new position in shares of IDACORP in the 3rd quarter worth approximately $104,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of IDACORP by 14.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,823 shares of the coal producer’s stock worth $156,000 after purchasing an additional 224 shares during the period. Advisor Group Inc. boosted its holdings in shares of IDACORP by 6.5% in the 2nd quarter. Advisor Group Inc. now owns 1,829 shares of the coal producer’s stock worth $156,000 after purchasing an additional 111 shares during the period. Riverhead Capital Management LLC boosted its holdings in shares of IDACORP by 77.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,130 shares of the coal producer’s stock worth $182,000 after purchasing an additional 930 shares during the period. Finally, ETRADE Capital Management LLC purchased a new position in shares of IDACORP in the 2nd quarter worth approximately $200,000. Hedge funds and other institutional investors own 75.51% of the company’s stock.
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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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