IDACORP (NYSE:IDA) Receives New Coverage from Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of IDACORP (NYSE:IDA) in a research report sent to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued a hold rating and a $110.00 price objective on the energy company’s stock.

A number of other research analysts have also weighed in on IDA. Morgan Stanley raised their price target on shares of IDACORP from $94.00 to $102.00 and gave the company an equal weight rating in a research note on Friday, August 23rd. Bank of America began coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a neutral rating and a $110.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on shares of IDACORP from $98.00 to $106.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $102.71.

IDACORP Trading Up 0.9 %

IDA stock opened at $103.18 on Friday. The company’s 50-day simple moving average is $101.00 and its 200-day simple moving average is $95.97. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. IDACORP has a 52-week low of $86.43 and a 52-week high of $105.24. The firm has a market cap of $5.49 billion, a P/E ratio of 20.72 and a beta of 0.60.

IDACORP (NYSE:IDA) last posted its 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. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The business had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. During the same period in the prior year, the company posted $1.35 EPS. As a group, equities analysts forecast that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis 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 Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its stake in IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after purchasing an additional 546,818 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of IDACORP by 1.7% during the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after buying an additional 23,925 shares during the last quarter. Nuance Investments LLC increased its holdings in shares of IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after buying an additional 178,294 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of IDACORP by 0.9% during the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock worth $74,883,000 after buying an additional 7,008 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of IDACORP by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock worth $64,583,000 after buying an additional 47,527 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

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.