IDACORP (NYSE:IDA) Reaches New 12-Month High – Time to Buy?

IDACORP, Inc. (NYSE:IDA)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $105.25 and last traded at $105.23, with a volume of 26962 shares changing hands. The stock had previously closed at $104.98.

Wall Street Analysts Forecast Growth

IDA has been the topic of several analyst reports. Bank of America initiated coverage on IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Jefferies Financial Group began coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Morgan Stanley boosted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company raised their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.83.

IDACORP Stock Performance

The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 3.38 and a beta of 0.60. The company’s 50 day simple moving average is $102.74 and its 200 day simple moving average is $97.71. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.37 by $0.34. The firm had revenue of $451.04 million for the quarter, compared to analysts’ expectations 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 previous year, the company earned $1.35 earnings per share. On average, equities research analysts anticipate that IDACORP, Inc. will post 5.39 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be issued a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.29%. IDACORP’s dividend payout ratio is 69.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IDA. First Eagle Investment Management LLC boosted its position in shares of IDACORP by 18.4% during the 1st quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company’s stock valued at $12,065,000 after purchasing an additional 20,184 shares in the last quarter. Buckley Wealth Management LLC increased its holdings in shares of IDACORP by 273.1% in the first quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company’s stock valued at $3,569,000 after buying an additional 28,125 shares in the last quarter. Sei Investments Co. lifted its position in shares of IDACORP by 90.0% during the 1st quarter. Sei Investments Co. now owns 74,368 shares of the energy company’s stock valued at $6,908,000 after acquiring an additional 35,217 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of IDACORP during the 1st quarter worth $5,087,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of IDACORP during the 2nd quarter worth $8,032,000. 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.