Bank of America Begins Coverage on IDACORP (NYSE:IDA)

Bank of America started coverage on shares of IDACORP (NYSE:IDA) in a report issued on Thursday morning, Marketbeat.com reports. The firm issued a neutral rating and a $110.00 price objective on the energy company’s stock.

A number of other equities analysts have also recently commented on the stock. Morgan Stanley lifted their price target on shares of IDACORP from $94.00 to $102.00 and gave the stock an equal weight rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Finally, Mizuho boosted 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. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $101.50.

IDACORP Trading Up 0.5 %

Shares of IDACORP stock opened at $103.51 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 20.79 and a beta of 0.60. IDACORP has a twelve month low of $86.43 and a twelve month high of $105.24. The business has a 50-day moving average price of $99.83 and a 200-day moving average price of $95.28.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The business had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. During the same period in the prior year, the firm earned $1.35 EPS. Equities research analysts anticipate that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

Institutional Investors Weigh In On IDACORP

A number of large investors have recently modified their holdings of IDA. Rise Advisors LLC raised its position in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP in the second quarter worth $35,000. Mather Group LLC. acquired a new stake in shares of IDACORP during the first quarter worth $41,000. Kapitalo Investimentos Ltda purchased a new stake in shares of IDACORP during the fourth quarter valued at $54,000. Finally, EverSource Wealth Advisors LLC increased its holdings 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 valued at $68,000 after purchasing an additional 112 shares during the period. Hedge funds and other institutional investors own 89.10% of the company’s stock.

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.