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

Shares of IDACORP, Inc. (NYSE:IDA) have received an average recommendation of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $108.83.

Several research analysts have weighed in on IDA shares. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Morgan Stanley upped their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and raised their target price for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th.

IDACORP Stock Performance

Shares of IDA opened at $116.88 on Tuesday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 2.64 and a beta of 0.60. IDACORP has a 12 month low of $86.43 and a 12 month high of $120.42. The firm has a fifty day simple moving average of $108.25 and a 200 day simple moving average of $101.26. 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 (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the prior year, the company earned $2.07 earnings per share. Research analysts forecast that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were given a dividend of $0.86 per share. The ex-dividend date was Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 2.94%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

Institutional Trading of IDACORP

Hedge funds have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its position in IDACORP by 1,020.9% during the first quarter. Advisors Asset Management Inc. now owns 2,253 shares of the energy company’s stock worth $209,000 after acquiring an additional 2,052 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of IDACORP by 4.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 55,144 shares of the energy company’s stock worth $5,123,000 after purchasing an additional 2,158 shares during the period. B. Riley Wealth Advisors Inc. acquired a new stake in shares of IDACORP in the first quarter valued at approximately $314,000. Tidal Investments LLC boosted its stake in shares of IDACORP by 120.6% in the first quarter. Tidal Investments LLC now owns 9,341 shares of the energy company’s stock valued at $867,000 after buying an additional 5,106 shares during the period. Finally, Atria Investments Inc bought a new stake in shares of IDACORP in the first quarter valued at approximately $1,023,000. 89.10% of the stock is owned by institutional investors and hedge funds.

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.