IDACORP, Inc. (NYSE:IDA) Receives $104.83 Consensus Target Price from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have received an average rating of “Hold” from the six research firms that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $108.83.

Several equities research analysts have commented on the stock. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Morgan Stanley increased their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company lifted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Trust Point Inc. lifted its holdings in shares of IDACORP by 1.4% during the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after buying an additional 101 shares during the last quarter. Pitcairn Co. increased its stake in shares of IDACORP by 2.4% during the 1st quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock worth $402,000 after purchasing an additional 103 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of IDACORP by 7.5% during the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after purchasing an additional 106 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in IDACORP by 1.7% in the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock worth $597,000 after purchasing an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC raised its holdings in IDACORP by 1.2% during the second quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock valued at $866,000 after buying an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

Shares of NYSE IDA opened at $109.51 on Friday. The firm’s 50-day simple moving average is $103.02 and its 200 day simple moving average is $98.48. The stock has a market cap of $5.83 billion, a P/E ratio of 20.32, a P/E/G ratio of 3.58 and a beta of 0.60. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $109.53.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. During the same period in the prior year, the company posted $2.07 earnings per share. Equities analysts expect that IDACORP will post 5.35 EPS for the current year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is currently 61.60%.

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.