IDACORP, Inc. (NYSE:IDA) Receives $111.00 Consensus Price Target from Analysts

Shares of IDACORP, Inc. (NYSE:IDA) have been given a consensus rating of “Hold” by the six ratings firms that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $111.00.

Several equities research analysts have weighed in on the stock. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective for the company. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Finally, Wells Fargo & Company lifted their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th.

IDACORP Stock Up 1.2 %

Shares of NYSE:IDA opened at $110.12 on Friday. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The business’s 50-day moving average is $111.60 and its 200-day moving average is $103.12. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 20.43, a P/E/G ratio of 2.51 and a beta of 0.64.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the previous year, the company posted $2.07 earnings per share. Equities research analysts predict that IDACORP will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were paid a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.12%. IDACORP’s dividend payout ratio is presently 63.82%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of IDACORP by 4.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 4,784 shares of the energy company’s stock worth $446,000 after buying an additional 225 shares in the last quarter. Clear Creek Financial Management LLC boosted its position in IDACORP by 5.4% in the second quarter. Clear Creek Financial Management LLC now owns 11,713 shares of the energy company’s stock worth $1,091,000 after purchasing an additional 595 shares during the last quarter. AMG National Trust Bank grew its stake in IDACORP by 17.0% in the 2nd quarter. AMG National Trust Bank now owns 15,225 shares of the energy company’s stock valued at $1,418,000 after purchasing an additional 2,213 shares during the period. Raymond James Trust N.A. increased its position in shares of IDACORP by 1.7% during the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after purchasing an additional 107 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of IDACORP by 2.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 536,979 shares of the energy company’s stock worth $50,020,000 after purchasing an additional 10,580 shares during the period. 89.10% of the stock is owned by institutional investors.

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.