IDACORP (NYSE:IDA) Upgraded to “Buy” at Jefferies Financial Group

Jefferies Financial Group upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a research note published on Wednesday morning, Marketbeat reports.

Several other brokerages also recently issued reports on IDA. Morgan Stanley raised their price objective on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Bank of America boosted their price target on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. UBS Group lifted their target price on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Finally, Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $120.50.

IDACORP Trading Up 1.6 %

Shares of IDACORP stock opened at $119.27 on Wednesday. The company has a fifty day simple moving average of $113.26 and a 200-day simple moving average of $110.49. IDACORP has a 12-month low of $88.70 and a 12-month high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 2.32 and a beta of 0.59.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. On average, equities analysts forecast that IDACORP will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.88%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Legacy Investment Solutions LLC acquired a new position in shares of IDACORP during the 3rd quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its position in IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after buying an additional 120 shares during the period. Versant Capital Management Inc grew its position in IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after buying an additional 301 shares during the period. Independence Bank of Kentucky increased its holdings in IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after buying an additional 225 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of IDACORP during the 4th quarter valued at approximately $45,000. 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.