IDACORP (NYSE:IDA) Sets New 12-Month High – What’s Next?

IDACORP, Inc. (NYSE:IDA) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $109.47 and last traded at $108.49, with a volume of 102049 shares changing hands. The stock had previously closed at $103.48.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Morgan Stanley lifted their price target on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. StockNews.com upgraded IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Bank of America began coverage on IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group started coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $107.67.

IDACORP Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.47 and a beta of 0.60. The stock’s 50 day simple moving average is $102.92 and its 200-day simple moving average is $98.25.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.38%. During the same period in the previous year, the firm posted $2.07 EPS. On average, analysts expect that IDACORP, Inc. will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.25%. IDACORP’s dividend payout ratio is currently 61.60%.

Institutional Trading of IDACORP

Institutional investors and hedge funds have recently modified their holdings of the company. State of Michigan Retirement System lifted its position in shares of IDACORP by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 12,420 shares of the energy company’s stock worth $1,154,000 after purchasing an additional 300 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of IDACORP by 13.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210 shares of the energy company’s stock valued at $298,000 after acquiring an additional 390 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of IDACORP by 6.6% in the first quarter. Commonwealth Equity Services LLC now owns 19,127 shares of the energy company’s stock worth $1,777,000 after acquiring an additional 1,185 shares during the last quarter. BNP Paribas Financial Markets increased its position in IDACORP by 42.4% during the first quarter. BNP Paribas Financial Markets now owns 11,635 shares of the energy company’s stock worth $1,081,000 after acquiring an additional 3,464 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in IDACORP by 8.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,542 shares of the energy company’s stock valued at $1,629,000 after purchasing an additional 1,405 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

About IDACORP

IDACORP, Inc, together with its subsidiaries, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydropower generating plants located in southern Idaho and eastern Oregon; three natural gas-fired plants in southern Idaho; and interests in two coal-fired steam electric generating plants located in Wyoming and Nevada.