Brokerages Set IDACORP, Inc. (NYSE:IDA) PT at $104.83

IDACORP, Inc. (NYSE:IDA) has been given an average rating of “Hold” by the six research firms that are presently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $108.83.

A number of equities analysts have recently commented on IDA shares. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Morgan Stanley raised their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Company raised their target price on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Bank of America raised shares of 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 report on Tuesday.

Institutional Investors Weigh In On IDACORP

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after purchasing an additional 145,316 shares during the period. State of Michigan Retirement System grew its position in shares of IDACORP by 2.5% during the first quarter. State of Michigan Retirement System now owns 12,420 shares of the energy company’s stock worth $1,154,000 after acquiring an additional 300 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of IDACORP by 13.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210 shares of the energy company’s stock worth $298,000 after acquiring an additional 390 shares during the period. Commonwealth Equity Services LLC lifted its position in IDACORP by 6.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 19,127 shares of the energy company’s stock valued at $1,777,000 after purchasing an additional 1,185 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in IDACORP by 42.4% during the 1st quarter. BNP Paribas Financial Markets now owns 11,635 shares of the energy company’s stock valued at $1,081,000 after purchasing an additional 3,464 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Up 3.2 %

IDA opened at $109.51 on Friday. IDACORP has a 12 month low of $86.43 and a 12 month high of $109.53. The business has a 50-day moving average of $103.02 and a two-hundred day moving average of $98.48. 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 stock has a market capitalization of $5.83 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 3.58 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $524.39 million. During the same period last year, the company posted $2.07 EPS. On average, research analysts expect that IDACORP will post 5.35 earnings per share 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 dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.14%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP’s dividend payout ratio is 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.