IDACORP, Inc. (NYSE:IDA) Receives Average Rating of “Hold” from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have been given an average recommendation of “Hold” by the six brokerages that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $111.00.

IDA has been the topic of several analyst reports. Wells Fargo & Company increased their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Morgan Stanley raised their price objective on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, December 13th. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and increased their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st.

Institutional Trading of IDACORP

A number of hedge funds have recently bought and sold shares of IDA. Legacy Investment Solutions LLC acquired a new stake in IDACORP during the third quarter worth $25,000. V Square Quantitative Management LLC bought a new position in shares of IDACORP during the 3rd quarter worth about $26,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP during the 2nd quarter valued at about $35,000. Avior Wealth Management LLC increased its stake in IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares during the period. Finally, Eastern Bank acquired a new position in IDACORP in the third quarter worth about $52,000. 89.10% of the stock is owned by institutional investors.

IDACORP Price Performance

Shares of NYSE:IDA opened at $108.78 on Friday. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 20.18, a P/E/G ratio of 2.51 and a beta of 0.64. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $111.45 and a 200 day simple moving average of $102.90.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The firm had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period last year, the business earned $2.07 earnings per share. As a group, sell-side analysts predict that IDACORP will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were issued a dividend of $0.86 per share. The ex-dividend date was Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.16%. IDACORP’s payout ratio is 63.82%.

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.