IDACORP, Inc. (NYSE:IDA) Receives $96.40 Average PT from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have earned an average rating of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating. The average 12 month price target among analysts that have covered the stock in the last year is $96.40.

A number of analysts have weighed in on the stock. Mizuho increased their price target on shares of IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Morgan Stanley dropped their price objective on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. StockNews.com upgraded shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Finally, Wells Fargo & Company increased their price objective on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of IDACORP stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total transaction of $142,635.00. Following the transaction, the vice president now owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.47% of the company’s stock.

Institutional Trading of IDACORP

Hedge funds have recently bought and sold shares of the stock. Nuance Investments LLC acquired a new stake in shares of IDACORP in the first quarter valued at approximately $86,962,000. Wellington Management Group LLP raised its holdings in shares of IDACORP by 50.3% in the fourth quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after purchasing an additional 546,818 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of IDACORP by 29.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after purchasing an additional 273,560 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of IDACORP by 128.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock valued at $38,822,000 after purchasing an additional 221,777 shares during the last quarter. Finally, Ceredex Value Advisors LLC acquired a new stake in shares of IDACORP in the fourth quarter valued at approximately $16,759,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Stock Performance

IDA stock opened at $97.50 on Wednesday. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of 19.58 and a beta of 0.58. IDACORP has a 12 month low of $86.43 and a 12 month high of $104.79. The firm has a 50 day moving average of $93.66 and a two-hundred day moving average of $92.66.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). The firm had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same period in the prior year, the company posted $1.11 earnings per share. As a group, equities analysts anticipate that IDACORP will post 5.35 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 5th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

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.