Mizuho Upgrades IDACORP (NYSE:IDA) to Outperform

Mizuho upgraded shares of IDACORP (NYSE:IDA) from a neutral rating to an outperform rating in a report released on Friday morning, MarketBeat.com reports. Mizuho currently has $116.00 target price on the energy company’s stock, up from their prior target price of $102.00.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Bank of America started coverage on IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective for the company. Morgan Stanley upped their price objective on shares of 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 shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Finally, Wells Fargo & Company upped their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $107.67.

IDACORP Trading Up 1.0 %

Shares of IDACORP stock opened at $106.94 on Friday. The company has a market capitalization of $5.69 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 3.47 and a beta of 0.60. The stock has a fifty day simple moving average of $102.92 and a 200 day simple moving average of $98.37. IDACORP has a 12-month low of $86.43 and a 12-month high of $109.47. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87.

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

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.22%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Institutional Trading of IDACORP

A number of institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in IDACORP in the 3rd quarter worth $26,000. Rise Advisors LLC raised its stake in IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in IDACORP in the second quarter worth about $35,000. Eastern Bank bought a new stake in IDACORP during the 3rd quarter valued at approximately $52,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of IDACORP during the 2nd quarter worth approximately $71,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Company Profile

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.