Bank of America Initiates Coverage on IDACORP (IDA)

Stock analysts at Bank of America started coverage on shares of IDACORP (NYSE:IDA) in a report released on Tuesday, The Fly reports. The firm set an “underperform” rating on the coal producer’s stock.

IDA has been the topic of several other research reports. Zacks Investment Research cut IDACORP from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. KeyCorp reaffirmed a “hold” rating on shares of IDACORP in a research report on Friday, October 20th. Finally, ValuEngine raised IDACORP from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $97.00.

IDACORP (NYSE:IDA) opened at $88.10 on Tuesday. The company has a market capitalization of $4,440.00, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 4.23 and a beta of 0.55. IDACORP has a fifty-two week low of $77.49 and a fifty-two week high of $100.04. The company has a current ratio of 2.03, a quick ratio of 1.53 and a debt-to-equity ratio of 0.78.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, November 2nd. The coal producer reported $1.80 EPS for the quarter, topping the consensus estimate of $1.66 by $0.14. The company had revenue of $408.32 million for the quarter. IDACORP had a return on equity of 9.44% and a net margin of 15.46%. During the same quarter in the previous year, the business earned $1.65 earnings per share. equities analysts predict that IDACORP will post 4.12 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zions Bancorporation bought a new stake in IDACORP during the 3rd quarter valued at $104,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 in the last quarter. Advisor Group Inc. boosted its position 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 in the last quarter. Riverhead Capital Management LLC boosted its position 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 in the last quarter. Finally, Vident Investment Advisory LLC bought a new stake in IDACORP during the 3rd quarter valued at $205,000. 75.51% of the stock is currently owned by institutional investors and hedge funds.

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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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