IDACORP, Inc. (NYSE:IDA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

According to Zacks, “IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company. However, the utility has plans to invest nearly $1.5 billion over 2017-2021 for transmission and plant expansion projects, which will allow the company to provide efficient services to expanding customer base.”

A number of other brokerages have also recently commented on IDA. BidaskClub raised IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. KeyCorp reaffirmed a “hold” rating on shares of IDACORP in a research note on Friday, September 1st.

Shares of IDACORP (NYSE IDA) traded down 0.20% during mid-day trading on Tuesday, reaching $88.97. The company had a trading volume of 28,128 shares. The stock has a 50 day moving average price of $88.96 and a 200 day moving average price of $86.39. IDACORP has a 12-month low of $72.93 and a 12-month high of $91.98. The firm has a market capitalization of $4.48 billion, a PE ratio of 22.47 and a beta of 0.50.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 3rd. The coal producer reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.07). The company had revenue of $333.01 million during the quarter. IDACORP had a return on equity of 9.20% and a net margin of 15.31%. During the same quarter in the prior year, the business earned $1.12 earnings per share. On average, equities analysts forecast that IDACORP will post $4.00 earnings per share for the current year.

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A number of institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. increased its stake in IDACORP by 0.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 8,248 shares of the coal producer’s stock worth $703,000 after purchasing an additional 50 shares during the period. World Asset Management Inc increased its stake in IDACORP by 1.7% in the 1st quarter. World Asset Management Inc now owns 3,122 shares of the coal producer’s stock worth $259,000 after purchasing an additional 51 shares during the period. Capstone Asset Management Co. increased its stake in IDACORP by 1.6% in the 2nd quarter. Capstone Asset Management Co. now owns 3,872 shares of the coal producer’s stock worth $330,000 after purchasing an additional 60 shares during the period. Teacher Retirement System of Texas increased its stake in IDACORP by 1.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,035 shares of the coal producer’s stock worth $344,000 after purchasing an additional 73 shares during the period. Finally, Amalgamated Bank increased its stake in IDACORP by 1.2% in the 2nd quarter. Amalgamated Bank now owns 7,182 shares of the coal producer’s stock worth $613,000 after purchasing an additional 82 shares during the period. 75.95% of the stock is currently owned by institutional investors and hedge funds.

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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