IDACORP, Inc. (NYSE:IDA) Receives Average Recommendation of “Hold” from Brokerages

IDACORP, Inc. (NYSE:IDA) has earned an average recommendation of “Hold” from the six research firms that are currently covering the stock, MarketBeat Ratings reports. Four research 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 updated their coverage on the stock in the last year is $108.83.

Several brokerages have issued reports on IDA. Morgan Stanley upped their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday. Wells Fargo & Company boosted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $102.00 to $116.00 in a research report on Friday, November 1st. Finally, Jefferies Financial Group began coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company.

IDACORP Stock Down 0.2 %

Shares of NYSE IDA opened at $111.22 on Friday. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 3.59 and a beta of 0.60. The business has a 50-day moving average of $103.59 and a 200-day moving average of $98.76. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP has a 12 month low of $86.43 and a 12 month high of $112.03.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (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 analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period in the prior year, the company earned $2.07 EPS. Sell-side analysts expect that IDACORP will post 5.38 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is currently 61.60%.

Hedge Funds Weigh In On IDACORP

Hedge funds and other institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in shares of IDACORP during the third quarter valued at approximately $26,000. Rise Advisors LLC grew its stake in IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in IDACORP in the second quarter worth $35,000. Eastern Bank purchased a new stake in IDACORP in the third quarter worth $52,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in IDACORP in the second quarter worth $71,000. Institutional investors own 89.10% of the company’s stock.

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.