IDACORP (NYSE:IDA) PT Raised to $109.00 at Wells Fargo & Company

IDACORP (NYSE:IDA) had its price target hoisted by Wells Fargo & Company from $106.00 to $109.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group started coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Morgan Stanley lifted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Bank of America assumed coverage on IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price for the company. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat, IDACORP has a consensus rating of “Hold” and an average target price of $104.00.

IDACORP Trading Up 0.9 %

IDACORP stock opened at $104.77 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock has a market capitalization of $5.58 billion, a P/E ratio of 21.04, a PEG ratio of 3.38 and a beta of 0.60. IDACORP has a 52 week low of $86.43 and a 52 week high of $105.24. The stock has a 50-day simple moving average of $102.59 and a 200 day simple moving average of $97.45.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million for the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same quarter in the prior year, the business earned $1.35 earnings per share. Analysts expect that IDACORP will post 5.39 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is currently 69.08%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in shares of IDACORP by 50.3% during 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 acquiring an additional 546,818 shares in the last quarter. Victory Capital Management Inc. increased its holdings 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 worth $134,694,000 after acquiring an additional 23,925 shares during the last quarter. Nuance Investments LLC increased its stake in shares of IDACORP by 19.0% in the second 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. Dimensional Fund Advisors LP grew its stake in IDACORP by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock valued at $64,583,000 after buying an additional 47,527 shares in the last quarter. Finally, Boston Trust Walden Corp grew its position in shares of IDACORP by 1.3% in the second quarter. Boston Trust Walden Corp now owns 576,189 shares of the energy company’s stock valued at $53,672,000 after purchasing an additional 7,194 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.