IDACORP (NYSE:IDA) Price Target Raised to $122.00

IDACORP (NYSE:IDA) had its target price increased by UBS Group from $117.00 to $122.00 in a research note released on Friday morning,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Several other research firms have also commented on IDA. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Morgan Stanley increased their target price on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Jefferies Financial Group lowered their price target 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $120.50.

IDACORP Trading Down 1.6 %

Shares of IDA stock opened at $114.32 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP has a 12-month low of $88.70 and a 12-month high of $120.42. The stock has a market capitalization of $6.17 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. The firm’s 50 day moving average is $112.22 and its 200 day moving average is $109.88.

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

IDACORP Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a $0.86 dividend. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 3.01%. IDACORP’s payout ratio is 62.77%.

Institutional Investors Weigh In On IDACORP

Several institutional investors and hedge funds have recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new position in shares of IDACORP during the third quarter worth $25,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after buying an additional 120 shares during the last quarter. Versant Capital Management Inc raised its position in shares of IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after buying an additional 301 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of IDACORP by 123.6% in the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after acquiring an additional 225 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in IDACORP in the fourth quarter worth about $45,000. Institutional investors own 89.10% of the company’s stock.

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.