IDACORP (NYSE:IDA) Hits New 1-Year High – Here’s What Happened

Shares of IDACORP, Inc. (NYSE:IDA) reached a new 52-week high during trading on Thursday . The company traded as high as $120.72 and last traded at $120.22, with a volume of 112032 shares. The stock had previously closed at $119.08.

Wall Street Analyst Weigh In

IDA has been the topic of several research reports. Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group boosted their target price on shares of IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Finally, Morgan Stanley upped their target price on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average price target of $120.50.

IDACORP Stock Down 4.4 %

The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 20.89, a P/E/G ratio of 2.32 and a beta of 0.59. 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 fifty day moving average of $113.59 and a two-hundred day moving average of $110.63.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million during the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Sell-side analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were given a $0.86 dividend. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.01%. IDACORP’s dividend payout ratio (DPR) is currently 62.77%.

Institutional Investors Weigh In On IDACORP

Several large investors have recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in IDACORP during the third quarter valued at $25,000. MassMutual Private Wealth & Trust FSB raised its position in shares of IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after acquiring an additional 120 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares in the last quarter. Independence Bank of Kentucky grew its stake in IDACORP by 123.6% during the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after purchasing an additional 225 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in IDACORP in the fourth quarter worth approximately $45,000. 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.