IDACORP (NYSE:IDA) Price Target Lowered to $93.00 at Morgan Stanley

IDACORP (NYSE:IDA) had its price objective reduced by Morgan Stanley from $98.00 to $93.00 in a research note published on Monday morning, Benzinga reports. They currently have an equal weight rating on the energy company’s stock.

Other equities analysts have also recently issued research reports about the company. Mizuho upped their price target on IDACORP from $88.00 to $99.00 and gave the stock a neutral rating in a report on Thursday, May 16th. Wells Fargo & Company upped their price target on IDACORP from $94.00 to $98.00 and gave the stock an equal weight rating in a report on Friday, May 3rd. Finally, StockNews.com raised IDACORP to a sell rating in a research report on Friday, April 26th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $96.40.

IDACORP Stock Performance

NYSE IDA opened at $92.73 on Monday. The firm has a market capitalization of $4.94 billion, a P/E ratio of 18.62 and a beta of 0.57. IDACORP has a 1-year low of $86.43 and a 1-year high of $106.33. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.54 and a quick ratio of 1.19. The business’s 50-day simple moving average is $94.54 and its 200-day simple moving average is $93.35.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). The company had revenue of $448.94 million during the quarter, compared to analysts’ expectations of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same quarter in the prior year, the company earned $1.11 EPS. Equities analysts predict that IDACORP will post 5.36 EPS for the current year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 6th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.58%. The ex-dividend date of this dividend was Friday, May 3rd. IDACORP’s dividend payout ratio is currently 66.67%.

Insider Activity at IDACORP

In other IDACORP news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total value of $142,635.00. Following the sale, the vice president now directly owns 1,650 shares of the company’s stock, valued at $156,898.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On IDACORP

Several large investors have recently added to or reduced their stakes in IDA. Mather Group LLC. acquired a new stake in IDACORP in the first quarter worth $41,000. Northwest Financial Advisors bought a new position in shares of IDACORP in the fourth quarter worth $52,000. Kapitalo Investimentos Ltda bought a new position in shares of IDACORP in the fourth quarter worth $54,000. EverSource Wealth Advisors LLC grew its stake in shares of IDACORP by 19.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after purchasing an additional 112 shares in the last quarter. Finally, CWM LLC grew its stake in shares of IDACORP by 22.2% in the fourth quarter. CWM LLC now owns 992 shares of the energy company’s stock worth $98,000 after purchasing an additional 180 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.