IDACORP, Inc. (NYSE:IDA) Given Consensus Recommendation of “Hold” by Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have earned a consensus recommendation of “Hold” from the six analysts that are covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $111.00.

Several analysts recently commented on IDA shares. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and raised their target price for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Wells Fargo & Company raised their price target 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, Morgan Stanley upped their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th.

IDACORP Stock Performance

IDA opened at $106.99 on Wednesday. The firm has a 50 day moving average of $113.23 and a two-hundred day moving average of $105.06. The firm has a market capitalization of $5.70 billion, a PE ratio of 19.85, a P/E/G ratio of 2.51 and a beta of 0.65. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP has a 12-month low of $86.43 and a 12-month high of $120.42.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same quarter in the prior year, the firm earned $2.07 earnings per share. On average, analysts anticipate that IDACORP will post 5.41 EPS for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were paid a $0.86 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.22%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is currently 63.82%.

Hedge Funds Weigh In On IDACORP

A number of hedge funds have recently modified their holdings of the business. Clean Energy Transition LLP acquired a new stake in shares of IDACORP in the 2nd quarter worth $49,103,000. Wellington Management Group LLP raised its holdings in IDACORP by 17.7% during the third quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after purchasing an additional 359,553 shares in the last quarter. Deprince Race & Zollo Inc. lifted its position in IDACORP by 30.8% in the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after purchasing an additional 135,793 shares during the period. State Street Corp boosted its holdings in IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after purchasing an additional 86,642 shares in the last quarter. Finally, Millennium Management LLC increased its position in IDACORP by 34.0% during the 2nd quarter. Millennium Management LLC now owns 201,545 shares of the energy company’s stock worth $18,774,000 after purchasing an additional 51,178 shares during the period. 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.