IDACORP (NYSE:IDA) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of IDACORP (NYSE:IDA) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

A number of other analysts have also recently commented on IDA. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the company from $102.00 to $116.00 in a research report on Friday, November 1st. Wells Fargo & Company lifted their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their target price for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Jefferies Financial Group started coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $108.83.

IDACORP Price Performance

Shares of NYSE IDA opened at $113.83 on Wednesday. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $114.24. The business has a fifty day moving average price of $103.83 and a two-hundred day moving average price of $98.93. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market capitalization of $6.06 billion, a PE ratio of 21.12, a P/E/G ratio of 2.48 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same period in the previous year, the company earned $2.07 EPS. As a group, equities analysts predict that IDACORP will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is 63.82%.

Hedge Funds Weigh In On IDACORP

Hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new position in IDACORP in the 3rd quarter valued at about $26,000. Rise Advisors LLC increased its holdings in IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of IDACORP in the 2nd quarter worth about $35,000. Avior Wealth Management LLC grew its holdings in IDACORP by 35.9% during the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after buying an additional 117 shares during the last quarter. Finally, Eastern Bank acquired a new position in shares of IDACORP in the third quarter valued at approximately $52,000. Hedge funds and other institutional investors 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.