IDACORP, Inc. (NYSE:IDA) Receives $108.83 Consensus Target Price from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have been given a consensus rating of “Hold” by the six analysts that are presently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $108.83.

A number of brokerages have weighed in on IDA. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and raised their target price for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th.

IDACORP Stock Down 0.2 %

IDA stock opened at $118.47 on Tuesday. IDACORP has a 52 week low of $86.43 and a 52 week high of $120.42. The business has a 50-day simple moving average of $108.25 and a 200 day simple moving average of $101.21. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $6.31 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). The firm had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter in the previous year, the firm posted $2.07 earnings per share. Sell-side analysts anticipate that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is 63.82%.

Institutional Investors Weigh In On IDACORP

Several hedge funds have recently added to or reduced their stakes in IDA. Assenagon Asset Management S.A. bought a new position in shares of IDACORP during the second quarter valued at $8,032,000. Tidal Investments LLC raised its position in IDACORP by 120.6% during the 1st quarter. Tidal Investments LLC now owns 9,341 shares of the energy company’s stock worth $867,000 after purchasing an additional 5,106 shares during the last quarter. Westwood Holdings Group Inc. raised its position in IDACORP by 25.1% during the 1st quarter. Westwood Holdings Group Inc. now owns 256,446 shares of the energy company’s stock worth $23,821,000 after purchasing an additional 51,521 shares during the last quarter. Edgestream Partners L.P. acquired a new position in IDACORP during the 2nd quarter worth about $1,833,000. Finally, Algert Global LLC grew its position in shares of IDACORP by 42.5% in the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after buying an additional 10,550 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.