IDACORP (NYSE:IDA) Price Target Raised to $127.00

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

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group dropped their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley raised their target price on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Finally, Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and an average price target of $118.20.

IDACORP Trading Down 1.1 %

Shares of NYSE IDA opened at $113.78 on Monday. The company’s 50 day simple moving average is $110.72 and its 200 day simple moving average is $108.71. IDACORP has a fifty-two week low of $87.51 and a fifty-two week high of $120.42. The firm has a market capitalization of $6.14 billion, a P/E ratio of 20.76, a P/E/G ratio of 2.32 and a beta of 0.65. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

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

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s payout ratio is 62.77%.

Institutional Trading of IDACORP

Several hedge funds and other institutional investors have recently modified their holdings of IDA. Wellington Management Group LLP raised its stake in IDACORP by 43.3% in the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after purchasing an additional 1,035,133 shares in the last quarter. Reaves W H & Co. Inc. raised its stake in IDACORP by 75.4% in 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in IDACORP in the 4th quarter worth about $37,104,000. Ameriprise Financial Inc. raised its position in shares of IDACORP by 596.7% in the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock valued at $41,451,000 after buying an additional 324,866 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of IDACORP by 9.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock valued at $208,692,000 after buying an additional 166,864 shares in the last quarter. 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.