IDACORP, Inc. (NYSE:IDA) Given Average Rating of “Moderate Buy” by Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have received an average recommendation of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $120.50.

Several equities research analysts recently commented on the stock. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday. UBS Group lifted their target price on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Morgan Stanley upped their target price on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Bank of America increased their price objective on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently made changes to their positions in IDA. Thrivent Financial for Lutherans boosted its position in IDACORP by 2.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 12,511 shares of the energy company’s stock valued at $1,290,000 after buying an additional 262 shares during the last quarter. Cerity Partners LLC grew its stake in IDACORP by 19.1% during the 3rd quarter. Cerity Partners LLC now owns 23,515 shares of the energy company’s stock valued at $2,424,000 after purchasing an additional 3,763 shares in the last quarter. Bank of Montreal Can increased its stake in shares of IDACORP by 18.6% in the third quarter. Bank of Montreal Can now owns 21,970 shares of the energy company’s stock worth $2,268,000 after buying an additional 3,453 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in IDACORP by 1.4% during the third quarter. The Manufacturers Life Insurance Company now owns 44,313 shares of the energy company’s stock valued at $4,568,000 after buying an additional 627 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of IDACORP by 545.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,974 shares of the energy company’s stock valued at $1,544,000 after acquiring an additional 12,653 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDA stock opened at $114.47 on Monday. IDACORP has a 12 month low of $88.70 and a 12 month high of $120.84. 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 company has a market cap of $6.18 billion, a P/E ratio of 20.89, a PEG ratio of 2.32 and a beta of 0.59. The firm has a fifty day moving average price of $113.59 and a 200 day moving average price of $110.63.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Sell-side analysts predict that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio is currently 62.77%.

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.