IDACORP, Inc. (NYSE:IDA) Receives $111.00 Average Target Price from Analysts

Shares of IDACORP, Inc. (NYSE:IDA) have been given an average rating of “Hold” by the six brokerages that are currently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $111.00.

Several equities analysts have recently commented on IDA shares. Wells Fargo & Company boosted their target price 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 IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Bank of America raised 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. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Finally, StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th.

IDACORP Price Performance

IDACORP stock opened at $110.12 on Friday. The firm has a market cap of $5.87 billion, a PE ratio of 20.43, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. 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’s fifty day moving average price is $111.60 and its two-hundred day moving average price is $103.12. IDACORP has a one year low of $86.43 and a one year high of $120.42.

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

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were given a $0.86 dividend. The ex-dividend date was Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.12%. IDACORP’s dividend payout ratio (DPR) is currently 63.82%.

Institutional Investors Weigh In On IDACORP

Several hedge funds have recently added to or reduced their stakes in IDA. Lord Abbett & CO. LLC raised its position in IDACORP by 5.8% during the 3rd quarter. Lord Abbett & CO. LLC now owns 231,743 shares of the energy company’s stock worth $23,890,000 after purchasing an additional 12,698 shares during the last quarter. Retirement Systems of Alabama raised its position in shares of IDACORP by 1.5% during the third quarter. Retirement Systems of Alabama now owns 145,791 shares of the energy company’s stock worth $15,030,000 after acquiring an additional 2,120 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of IDACORP by 40.3% in the third quarter. Tidal Investments LLC now owns 15,341 shares of the energy company’s stock worth $1,582,000 after acquiring an additional 4,409 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in IDACORP in the third quarter valued at approximately $53,000. Finally, Sanctuary Advisors LLC raised its holdings in IDACORP by 46.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 9,178 shares of the energy company’s stock worth $946,000 after purchasing an additional 2,930 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.