Wells Fargo took its Idacorp [IDA] rating to the equivalent of Underweight from Equal Weight, and the price target to $94.0, in a research note dated 2021-01-06. That figure represents around a 5.04% premium from where the company’s shares closed on Tuesday. Other analysts also revised their coverage, with Siebert Williams Shank’s analysts upgrading the shares from “a Hold” rating to “a Buy” rating in a research note to investors issued in early May. Meanwhile, BofA/Merrill had raised its rating on IDA to “Buy” from the earlier “Neutral”, in a research note produced for clients March 18, 2020. In addition, there was an upgrade from BofA/Merrill on November 04, 2019. The rater changed IDA from “an Underperform” to “a Neutral”.
Is IDACORP Inc. [NYSE:IDA] a Good Buy Right Now?
It should be noted that IDA technical indicators for short, intermediate as well as long term progress have placed an overall average of 8% as Buy. The average signal changed from 88% Buy in the last week and compares with 40% Buy in the past month. Data from IDACORP Inc.’s Trend Spotter indicated that the signals were Weakest. The stock current average is 0.34 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 0.33 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 50% Sell and the 100-day average volume stands at 0.31 million shares.
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IDA Price Performance
On Wall Street, IDACORP Inc. [NYSE:IDA] finished Tuesday’s session down -2.52% at $89.48. The stock went up to $92.21 at the same session while its lowest single day price was $89.28. In the last five days, it saw a fall of about -6.45%, IDACORP Inc. shares dropped by almost -6.82% since the beginning of the year. However, the share price has dropped to as low as -21.22% below its one year high. On 01/04/21, the company shares recorded $96.46, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $89.28. The company’s shares have declined by -15.26% in the past year. The 50-day SMA achieved is $92.47 while the 200-day SMA is $89.64. Volume gained to 0.56 million from 0.54 million in the previous session.
IDACORP Inc. [IDA] Valuation Measures
Notably, IDACORP Inc. [IDA] stock cannot be classified as a good candidate in the listing of underestimated low-priced Utilities – Regulated Electric companies to purchase soonest possible with the prevailing 12-month PE ratio of 18.31. The measure means the stock is exchanging at a premium as compared to the 16.91x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 3.37 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 1.50 which means IDA serve an unattractive investment opportunity compared to its competitors.
IDA Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 88.44 level, and in case of violation of this particular level, it will cause more drop to 87.39 level. On the upper level, 93.25 is still the key resistance. The stock may increase to the subsequent resistance at 91.37. The Relative Strength Index (RSI) pinned on the 14-day chart is 37.60, implying a neutral technical stance while the MACD stands at -2.19, meaning price will decrease in the next trading period. Percent R indicator moved to 97.71%, implying bearish price movement. Stochastic %K at 44.46% suggest selling the stock.
What is the short interest in IDACORP Inc.?
Short interest in the IDACORP Inc. stock has plunged, decreasing by 44250.0 shares to total 0.65 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 0.61 million, data from Yahoo Finance shows. The increase of 6.76% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 1.78% of the overall float for the stock.
IDACORP Inc.’s Biggest Shareholders: Who Owns IDACORP Inc. [IDA]?
Filings by BlackRock Fund Advisors showed that the firm now holds a total of 5,679,661 shares or roughly 11.26% of the outstanding IDA shares. This means their shares have reduced by -441,681 from the 5,679,661 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, The Vanguard Group, Inc. updated stake is worth $474,346,627. Details in the latest 13F filings reveal that Parnassus Investments acquired their 17.28% stake valued at $141,428,713 while SSgA Funds Management, Inc. cut theirs at $110,463,488. During the last quarter, Parnassus Investments raised 230,012 of its shares in IDACORP Inc. while SSgA Funds Management, Inc. sold -113,714 shares. The Wells Capital Management, Inc.’s holdings currently number 924,824 shares at $82753251.52. According to the firm’s last 13F report, Fidelity Management & Research Co shares in the company at filing stood at 906,243 shares, roughly $82,087,491.
IDA Earnings Forecast For The Current Quarter
IDACORP Inc. [IDA] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $284.3M and an earnings per share of $0.67 for Dec 2020. Looking further ahead, the company is expected to report revenue of $315.09M at an EPS of $0.84 for Mar 2021. The estimates represent downside of -0.50% and 2.95% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
IDA Earnings Estimates For The Current Year
For the financial year, IDACORP Inc. [NYSE:IDA] is expected to bring in revenue of $1.34B. The returns are nearly $-10.0 million lower than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 4.62, higher than that of FY19 by $0.01. Estimates put this year’s earnings growth at 0.20%, 2.80% for the next, and at an annual 2.60% over the next 5-year period. As for sales, forecasts are for a decrease of -0.80% in the current fiscal year and a further -0.50% over the following year.