Jefferies Financial Group Cuts IDACORP (NYSE:IDA) Price Target to $150.00

IDACORP (NYSE:IDA) had its target price cut by Jefferies Financial Group from $152.00 to $150.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the energy company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 13.16% from the company’s current price.

A number of other equities analysts also recently weighed in on the stock. UBS Group dropped their target price on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research report on Thursday, January 22nd. BTIG Research upgraded IDACORP to a “strong-buy” rating in a research report on Wednesday, October 22nd. Mizuho boosted their target price on IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Wells Fargo & Company lowered IDACORP from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $129.00 to $118.00 in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, IDACORP has a consensus rating of “Moderate Buy” and a consensus target price of $137.89.

IDACORP Price Performance

Shares of IDACORP stock traded down $1.61 during mid-day trading on Wednesday, reaching $132.55. 196,746 shares of the stock were exchanged, compared to its average volume of 442,118. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 2.57 and a beta of 0.61. IDACORP has a fifty-two week low of $108.15 and a fifty-two week high of $138.03. The company has a current ratio of 1.09, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The firm has a 50-day simple moving average of $128.68 and a 200 day simple moving average of $128.08.

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

Hedge Funds Weigh In On IDACORP

Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp raised its holdings in shares of IDACORP by 6.3% during the second quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after acquiring an additional 110,885 shares during the period. Reaves W H & Co. Inc. grew its stake in shares of IDACORP by 8.5% during the 3rd quarter. Reaves W H & Co. Inc. now owns 1,700,680 shares of the energy company’s stock worth $224,745,000 after acquiring an additional 133,836 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of IDACORP by 1.0% in the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock valued at $162,190,000 after purchasing an additional 13,283 shares during the last quarter. Jennison Associates LLC lifted its position in shares of IDACORP by 3.5% in the third quarter. Jennison Associates LLC now owns 1,370,069 shares of the energy company’s stock worth $181,055,000 after purchasing an additional 46,413 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in IDACORP by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,021,027 shares of the energy company’s stock worth $117,905,000 after purchasing an additional 15,223 shares during the last quarter. 89.10% of the stock is owned by institutional investors.

IDACORP Company Profile

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.