IDACORP, Inc. (NYSE:IDA) Receives Consensus Rating of “Hold” from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have received an average recommendation of “Hold” from the seven analysts that are presently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $103.57.

A number of research analysts have commented on the company. Morgan Stanley boosted their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company upped their price target on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Bank of America assumed coverage on shares of IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price for the company.

Hedge Funds Weigh In On IDACORP

A number of hedge funds have recently modified their holdings of IDA. Wellington Management Group LLP lifted 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 during the last quarter. Victory Capital Management Inc. raised its holdings in shares of 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 buying an additional 23,925 shares in the last quarter. Nuance Investments LLC grew its holdings in shares of 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 during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of 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 acquiring an additional 47,527 shares in the last quarter. Finally, Boston Trust Walden Corp raised its holdings in shares of IDACORP by 1.3% in the second quarter. Boston Trust Walden Corp now owns 576,189 shares of the energy company’s stock valued at $53,672,000 after buying an additional 7,194 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Stock Up 0.9 %

IDACORP stock opened at $101.05 on Monday. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 3.38 and a beta of 0.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. The stock’s fifty day moving average is $102.32 and its two-hundred day moving average is $97.01.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. The business had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the previous year, the business posted $1.35 earnings per share. Analysts predict that IDACORP will post 5.39 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. IDACORP’s dividend payout ratio is presently 62.17%.

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.