IDACORP (NYSE:IDA) Price Target Raised to $127.00 at Bank of America

IDACORP (NYSE:IDA) had its target price upped by Bank of America from $119.00 to $127.00 in a research note released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the energy company’s stock.

A number of other equities analysts also recently commented on IDA. Morgan Stanley lifted their target price on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Jefferies Financial Group dropped their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $118.20.

IDACORP Stock Performance

NYSE:IDA opened at $119.12 on Monday. The company’s 50-day moving average price is $110.62 and its 200-day moving average price is $108.62. 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 company has a market cap of $6.43 billion, a P/E ratio of 21.74, a P/E/G ratio of 2.32 and a beta of 0.65. IDACORP has a twelve month low of $86.64 and a twelve month high of $120.42.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. On average, sell-side analysts forecast that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is currently 62.77%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Putney Financial Group LLC purchased a new position in IDACORP in the fourth quarter worth approximately $163,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in IDACORP by 9.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 132,822 shares of the energy company’s stock worth $14,515,000 after acquiring an additional 11,586 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in IDACORP by 285.6% in the fourth quarter. Point72 Asset Management L.P. now owns 55,581 shares of the energy company’s stock worth $6,074,000 after acquiring an additional 41,167 shares during the last quarter. ProShare Advisors LLC lifted its stake in IDACORP by 7.3% in the fourth quarter. ProShare Advisors LLC now owns 2,492 shares of the energy company’s stock worth $272,000 after acquiring an additional 170 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in IDACORP by 23.1% in the fourth quarter. Quantinno Capital Management LP now owns 15,450 shares of the energy company’s stock worth $1,688,000 after acquiring an additional 2,895 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

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.