IDACORP, Inc. (NYSE:IDA) Receives $99.80 Average PT from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have received a consensus rating of “Hold” from the six analysts that are covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $101.50.

A number of brokerages have recently issued reports on IDA. Wells Fargo & Company upped their price objective on shares of IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley upped their price objective on shares of IDACORP from $94.00 to $102.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Finally, Bank of America began coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective for the company.

Institutional Investors Weigh In On IDACORP

Several institutional investors have recently added to or reduced their stakes in IDA. Wellington Management Group LLP raised its holdings in IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after purchasing an additional 546,818 shares in the last quarter. Victory Capital Management Inc. raised its holdings in IDACORP by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after purchasing an additional 23,925 shares in the last quarter. Nuance Investments LLC raised its holdings in IDACORP by 19.0% in the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares in the last quarter. First Trust Advisors LP raised its holdings in IDACORP by 0.9% in the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock worth $74,883,000 after purchasing an additional 7,008 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in IDACORP by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock worth $64,583,000 after purchasing an additional 47,527 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

IDA stock opened at $104.49 on Thursday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. IDACORP has a one year low of $86.43 and a one year high of $105.24. The stock has a market cap of $5.56 billion, a PE ratio of 20.98 and a beta of 0.60. The firm has a 50 day simple moving average of $100.08 and a two-hundred day simple moving average of $95.44.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The company had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. During the same quarter in the prior year, the company earned $1.35 EPS. On average, analysts predict that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were given a dividend of $0.83 per share. The ex-dividend date was Monday, August 5th. This represents a $3.32 annualized dividend and a yield of 3.18%. IDACORP’s payout ratio is currently 66.67%.

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.