IDACORP, Inc. (NYSE:IDA) Receives $96.40 Consensus Target Price from Brokerages

IDACORP, Inc. (NYSE:IDA) has been given an average rating of “Hold” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating. The average 12 month target price among brokers that have issued a report on the stock in the last year is $96.40.

Several research analysts recently issued reports on IDA shares. StockNews.com upgraded shares of IDACORP to a “sell” rating in a research report on Friday, April 26th. Morgan Stanley reduced their target price on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Monday, June 24th. Wells Fargo & Company raised their price target on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Finally, Mizuho boosted their price objective on shares of IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th.

Insider Buying and Selling

In other news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total value of $142,635.00. Following the transaction, the vice president now directly owns 1,650 shares in the company, valued at approximately $156,898.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.47% of the stock is currently owned by insiders.

Institutional Trading of IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of IDA. HighTower Advisors LLC increased its stake in IDACORP by 4.0% in the third quarter. HighTower Advisors LLC now owns 6,724 shares of the energy company’s stock valued at $627,000 after purchasing an additional 258 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in IDACORP by 75.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 143,295 shares of the energy company’s stock worth $13,420,000 after buying an additional 61,439 shares during the period. Invesco Ltd. raised its stake in IDACORP by 10.3% during the 3rd quarter. Invesco Ltd. now owns 278,698 shares of the energy company’s stock worth $26,100,000 after buying an additional 26,068 shares during the period. Gotham Asset Management LLC lifted its holdings in IDACORP by 216.8% during the third quarter. Gotham Asset Management LLC now owns 12,251 shares of the energy company’s stock worth $1,147,000 after acquiring an additional 8,384 shares in the last quarter. Finally, Quadrature Capital Ltd grew its stake in IDACORP by 466.5% in the third quarter. Quadrature Capital Ltd now owns 14,673 shares of the energy company’s stock valued at $1,374,000 after acquiring an additional 12,083 shares during the period. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Performance

NYSE IDA opened at $92.21 on Friday. IDACORP has a 1-year low of $86.43 and a 1-year high of $106.33. The company has a 50 day moving average of $94.48 and a 200-day moving average of $93.17. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 18.52 and a beta of 0.58.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). The business had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. IDACORP had a net margin of 14.18% and a return on equity of 8.71%. During the same period in the prior year, the business earned $1.11 earnings per share. On average, equities analysts forecast that IDACORP will post 5.36 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend was Friday, May 3rd. IDACORP’s dividend payout ratio is 66.67%.

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.