IDACORP (NYSE:IDA) Price Target Raised to $108.00 at Morgan Stanley

IDACORP (NYSE:IDA) had its price objective lifted by Morgan Stanley from $102.00 to $108.00 in a research note released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the energy company’s stock.

A number of other brokerages have also weighed in on IDA. Jefferies Financial Group started coverage on IDACORP in a report on Friday, September 20th. They issued a hold rating and a $110.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an equal weight rating in a research report on Friday, August 2nd. Finally, Bank of America started coverage on shares of IDACORP in a research report on Thursday, September 12th. They set a neutral rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, IDACORP currently has a consensus rating of Hold and an average price target of $103.57.

IDACORP Trading Up 0.8 %

IDA opened at $103.22 on Wednesday. IDACORP has a 52 week low of $86.43 and a 52 week high of $105.24. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The business has a fifty day simple moving average of $101.64 and a 200-day simple moving average of $96.27. The firm has a market cap of $5.50 billion, a P/E ratio of 20.73, a P/E/G ratio of 3.46 and a beta of 0.60.

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

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is 66.67%.

Institutional Investors Weigh In On IDACORP

Several institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in IDACORP in the 2nd quarter worth $116,000. Sanctuary Advisors LLC acquired a new stake in shares of IDACORP during the second quarter worth $591,000. Creative Planning lifted its position in shares of IDACORP by 97.1% in the 2nd quarter. Creative Planning now owns 15,655 shares of the energy company’s stock worth $1,458,000 after buying an additional 7,712 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its position in shares of IDACORP by 16.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 63,537 shares of the energy company’s stock worth $5,918,000 after buying an additional 8,769 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of IDACORP by 34.0% in the 2nd quarter. Millennium Management LLC now owns 201,545 shares of the energy company’s stock valued at $18,774,000 after buying an additional 51,178 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

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.