Brokerages Set IDACORP, Inc. (NYSE:IDA) PT at $98.00

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned a consensus recommendation of “Hold” from the five brokerages that are currently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $98.00.

Several research analysts have recently issued reports on IDA shares. Mizuho increased their price target on IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research note on Thursday, May 16th. Morgan Stanley decreased their target price on IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Wells Fargo & Company raised their target price on IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, StockNews.com raised IDACORP to a “sell” rating in a research note on Friday, April 26th.

IDACORP Stock Performance

IDA stock opened at $102.51 on Friday. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95. The firm has a market cap of $5.46 billion, a P/E ratio of 20.58 and a beta of 0.58. IDACORP has a 12-month low of $86.43 and a 12-month high of $104.43. The stock’s 50 day simple moving average is $95.96 and its 200 day simple moving average is $93.59.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.38% and a net margin of 15.04%. The firm had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. During the same period last year, the company earned $1.35 earnings per share. As a group, equities research analysts predict that IDACORP will post 5.37 EPS for the current year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

Insider Transactions at IDACORP

In other news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total transaction of $142,635.00. Following the completion of the sale, the vice president now directly owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Pitcairn Co. increased its holdings in shares of IDACORP by 2.4% during the 1st quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock valued at $402,000 after acquiring an additional 103 shares during the last quarter. Raymond James Trust N.A. increased its holdings in shares of IDACORP by 1.7% during the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after acquiring an additional 107 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in IDACORP by 19.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock valued at $68,000 after buying an additional 112 shares during the last quarter. Fortem Financial Group LLC grew its holdings in IDACORP by 1.2% in the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock valued at $866,000 after buying an additional 112 shares during the last quarter. Finally, Rise Advisors LLC grew its holdings in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

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.