IDACORP (NYSE:IDA) Sets New 12-Month High – What’s Next?

IDACORP, Inc. (NYSE:IDA)’s stock price hit a new 52-week high on Friday . The stock traded as high as $109.47 and last traded at $108.49, with a volume of 102049 shares traded. The stock had previously closed at $103.48.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IDA. Wells Fargo & Company boosted their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Morgan Stanley raised their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America began coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. Finally, Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $102.00 to $116.00 in a research report on Friday. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $107.67.

IDACORP Stock Performance

The firm has a fifty day moving average of $102.92 and a 200-day moving average of $98.25. 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 firm has a market cap of $5.64 billion, a P/E ratio of 19.64, a PEG ratio of 3.47 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.38%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same quarter in the previous year, the company posted $2.07 earnings per share. Research analysts predict that IDACORP, Inc. will post 5.39 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. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.25%. IDACORP’s payout ratio is presently 61.60%.

Institutional Trading of IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nuance Investments LLC acquired a new stake in IDACORP during the 1st quarter worth $86,962,000. Clean Energy Transition LLP acquired a new stake in shares of IDACORP during the second quarter worth about $49,103,000. Deprince Race & Zollo Inc. lifted its holdings in shares of IDACORP by 30.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after purchasing an additional 135,793 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of IDACORP during the 2nd quarter valued at about $8,032,000. Finally, Reaves W H & Co. Inc. grew its position in shares of IDACORP by 120.5% in the 1st quarter. Reaves W H & Co. Inc. now owns 138,804 shares of the energy company’s stock valued at $12,893,000 after purchasing an additional 75,846 shares during the period. 89.10% of the stock is owned by 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.