Brokerages Set IDACORP, Inc. (NYSE:IDA) PT at $116.20

IDACORP, Inc. (NYSE:IDA) has earned an average recommendation of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $116.20.

IDA has been the topic of several analyst reports. Mizuho raised 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 report on Friday, November 1st. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Wells Fargo & Company raised their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Jefferies Financial Group decreased their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently made changes to their positions in IDA. Reaves W H & Co. Inc. raised its position in shares of IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after purchasing an additional 429,276 shares during the last quarter. Wellington Management Group LLP increased its stake in IDACORP by 17.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after buying an additional 359,553 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of IDACORP during the fourth quarter valued at approximately $37,104,000. State Street Corp lifted its position in shares of IDACORP by 5.5% in the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after acquiring an additional 86,642 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of IDACORP by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock worth $660,786,000 after acquiring an additional 77,230 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Up 1.0 %

Shares of IDA opened at $111.39 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 2.28 and a beta of 0.65. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42. The business’s 50 day simple moving average is $110.32 and its 200-day simple moving average is $107.38.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, February 5th. 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.