Barclays Upgrades IDACORP (NYSE:IDA) to Strong-Buy

IDACORP (NYSE:IDA) was upgraded by equities researchers at Barclays to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. BTIG Research raised shares of IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd. UBS Group lowered their price objective on IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Morgan Stanley set a $139.00 target price on IDACORP and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Mizuho upped their price target on IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $152.00 price objective on shares of IDACORP in a report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, IDACORP has a consensus rating of “Buy” and a consensus target price of $138.56.

IDACORP Price Performance

Shares of NYSE:IDA opened at $134.65 on Wednesday. The firm has a market capitalization of $7.28 billion, a PE ratio of 23.14, a PEG ratio of 2.58 and a beta of 0.61. The company has a current ratio of 1.09, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. IDACORP has a 1-year low of $107.27 and a 1-year high of $138.03. The business’s 50 day moving average is $128.02 and its 200-day moving average is $127.09.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 30th. The energy company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.23 by $0.03. The firm had revenue of $524.42 million during the quarter, compared to analysts’ expectations of $663.09 million. IDACORP had a return on equity of 9.35% and a net margin of 17.59%.During the same period last year, the business earned $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. Sell-side analysts predict that IDACORP will post 5.81 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas grew its position in shares of IDACORP by 21.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,318 shares of the energy company’s stock worth $1,191,000 after buying an additional 1,834 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of IDACORP by 26.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 10,558 shares of the energy company’s stock valued at $1,219,000 after purchasing an additional 2,178 shares during the period. Bahl & Gaynor Inc. bought a new position in shares of IDACORP in the 2nd quarter worth $577,000. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in IDACORP in the third quarter valued at approximately $21,486,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of IDACORP by 8.2% during the second quarter. Envestnet Asset Management Inc. now owns 185,762 shares of the energy company’s stock worth $21,446,000 after purchasing an additional 14,145 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.