B of A Securities Upgrades IDACORP: A Closer Look at Financial Outlook
On November 5, 2024, B of A Securities announced that it has upgraded its outlook for IDACORP (NYSE:IDA) from Neutral to Buy. This shift suggests growing confidence in the company’s prospects.
Analyst Price Target Shows Slight Increase
The average one-year price target for IDACORP, as of October 22, 2024, is $109.72 per share. This forecast ranges from a low of $98.98 to a high of $121.80. If realized, this average target would indicate a minimal increase of 0.19% from the last closing price of $109.51 per share.
For further insights, check out our leaderboard of companies with the greatest price target potential.
Company Revenue and EPS Projections
IDACORP’s projected annual revenue stands at $1,544 million, reflecting a decrease of 16.11%. Additionally, the projected non-GAAP earnings per share (EPS) is estimated at 5.51.
Fund Sentiment and Institutional Ownership
Currently, 829 funds or institutions hold positions in IDACORP, a decrease of 10 owners, or 1.19%, from the last quarter. The average portfolio weight allocated to IDA by these funds has risen slightly to 0.21%, an increase of 2.18%. However, total shares held by institutions have fallen by 1.93% in the past three months to 54,603K shares. The current put/call ratio stands at 50.00, indicating a bearish sentiment.
Wellington Management Group LLP currently owns 2,030K shares, which accounts for 3.81% of IDACORP. This is down from 2,206K shares, marking an 8.67% decrease. Their portfolio allocation in IDA has dropped by 86.90% over the last quarter.
T. Rowe Price Investment Management holds 1,649K shares, a decline from 2,054K shares, representing a decrease of 24.57% in ownership and a 16.96% reduction in portfolio allocation in IDA.
Vanguard Total Stock Market Index Fund Investor Shares owns 1,595K shares, an increase from 1,584K shares, reflecting a rise of 0.73%, although its portfolio allocation in IDA has fallen by 1.77% this quarter.
Meanwhile, the iShares Core S&P Mid-Cap ETF has increased its holdings slightly, from 1,576K to 1,577K shares, corresponding to a 0.07% rise and a 2.72% increase in portfolio allocation. Victory Capital Management has shown more substantial growth, increasing its shares from 1,446K to 1,448K, which translates to a 50.79% increase in portfolio allocation.
Background on IDACORP
IDACORP, Inc., based in Boise, Idaho, was established in 1998 and is comprised of several entities including Idaho Power Company, a regulated electric utility. Idaho Power has been operational since 1916 and serves a vast area in southern Idaho and eastern Oregon. The company’s aim is to achieve 100% clean energy by 2045, building on its legacy of providing affordable and reliable energy. It operates 17 low-cost hydropower projects, maintaining some of the lowest electricity rates in the nation for its more than 570,000 customers.
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