IDACORP (NYSE:IDA) Stock Rating Upgraded by Mizuho

Mizuho upgraded shares of IDACORP (NYSE:IDA) from a neutral rating to an outperform rating in a report released on Friday morning, MarketBeat Ratings reports. The firm currently has $116.00 target price on the energy company’s stock, up from their previous target price of $102.00.

Several other research firms have also recently commented on IDA. Bank of America initiated coverage on shares of IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target for the company. Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. StockNews.com raised IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Finally, Morgan Stanley upped their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, IDACORP has an average rating of “Hold” and a consensus price target of $107.67.

IDACORP Stock Up 1.0 %

IDA opened at $106.94 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 3.47 and a beta of 0.60. The company has a fifty day moving average of $102.92 and a two-hundred day moving average of $98.37. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $109.47.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.38% and a net margin of 15.35%. During the same period last year, the business earned $2.07 EPS. On average, research analysts expect that IDACORP will post 5.39 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is currently 63.82%.

Hedge Funds Weigh In On IDACORP

A number of institutional investors have recently made changes to their positions in the business. Trust Point Inc. grew its position 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. raised its position in shares of IDACORP by 2.4% during the first 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 period. Blue Trust Inc. lifted its position in IDACORP by 7.5% in the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock worth $157,000 after buying an additional 106 shares in the last quarter. Raymond James Trust N.A. raised its stake 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 worth $597,000 after purchasing an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC raised its position 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 acquiring an additional 112 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

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.