IDACORP, Inc. (NYSE:IDA) Receives $120.50 Consensus Price Target from Brokerages

IDACORP, Inc. (NYSE:IDA) has earned an average rating of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $120.50.

A number of research analysts have recently issued reports on IDA shares. Morgan Stanley lifted their price target on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. UBS Group increased their price target on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday. Bank of America raised their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Finally, Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in IDACORP by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock worth $660,786,000 after buying an additional 77,230 shares during the period. Wellington Management Group LLP increased its stake in shares of IDACORP by 43.3% in the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after acquiring an additional 1,035,133 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after purchasing an additional 166,864 shares during the last quarter. State Street Corp raised its holdings in shares of IDACORP by 5.5% during the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in IDACORP by 2.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,379,408 shares of the energy company’s stock valued at $150,742,000 after purchasing an additional 29,094 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Trading Up 1.6 %

IDA opened at $119.27 on Monday. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average is $113.26 and its two-hundred day moving average is $110.49. The company has a market capitalization of $6.44 billion, a P/E ratio of 21.76, a PEG ratio of 2.32 and a beta of 0.59. IDACORP has a 52 week low of $88.70 and a 52 week high of $120.42.

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

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 2.88%. IDACORP’s payout ratio is presently 62.77%.

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.