IDACORP, Inc. (NYSE:IDA) Receives Average Rating of “Hold” from Brokerages

IDACORP, Inc. (NYSE:IDA) has received an average rating of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $108.83.

IDA has been the topic of several recent analyst reports. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $102.00 to $116.00 in a research note on Friday, November 1st. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Wells Fargo & Company lifted their price target on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley lifted their price target on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th.

IDACORP Price Performance

IDACORP stock opened at $118.95 on Tuesday. The stock’s fifty day moving average price is $107.00 and its two-hundred day moving average price is $100.68. IDACORP has a one year low of $86.43 and a one 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 firm has a market cap of $6.34 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS 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 for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter last year, the business earned $2.07 EPS. As a group, research analysts expect that IDACORP will post 5.42 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.89%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in IDACORP by 17.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after buying an additional 359,553 shares during the period. State Street Corp increased its position in IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after buying an additional 86,642 shares in the last quarter. Victory Capital Management Inc. increased its position in IDACORP by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock valued at $134,694,000 after buying an additional 23,925 shares in the last quarter. Nuance Investments LLC increased its holdings in IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in IDACORP by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company’s stock worth $97,981,000 after purchasing an additional 36,063 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

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.