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

Shares of IDACORP, Inc. (NYSE:IDA) have been given a consensus recommendation of “Hold” by the six analysts that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $104.83.

Several brokerages have recently weighed in on IDA. Wells Fargo & Company upped their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Bank of America initiated coverage on shares of IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective for the company. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, Jefferies Financial Group began coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock.

IDACORP Stock Up 1.3 %

IDA opened at $103.48 on Friday. The company has a fifty day moving average of $102.81 and a two-hundred day moving average of $98.11. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.25. The stock has a market capitalization of $5.51 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.49 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. During the same quarter in the prior year, the firm posted $1.35 EPS. On average, research analysts expect that IDACORP will post 5.38 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is currently 64.42%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IDA. Trust Point Inc. boosted its position in shares of IDACORP by 1.4% during the 3rd quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after acquiring an additional 101 shares during the last quarter. Pitcairn Co. raised its stake in IDACORP by 2.4% during the first quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock worth $402,000 after purchasing an additional 103 shares during the period. Blue Trust Inc. boosted its holdings in IDACORP by 7.5% in the 3rd quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after purchasing an additional 106 shares during the last quarter. Raymond James Trust N.A. grew its stake in shares of IDACORP by 1.7% in the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after buying an additional 107 shares during the period. Finally, Fortem Financial Group LLC increased its holdings in shares of IDACORP by 1.2% during the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock worth $866,000 after buying an additional 112 shares during the last quarter. 89.10% of the stock is currently 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.