IDACORP, Inc. (NYSE:IDA) Receives Average Rating of “Moderate Buy” from Brokerages

IDACORP, Inc. (NYSE:IDA) has been given an average rating of “Moderate Buy” by the seven analysts that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $120.50.

A number of equities analysts recently commented on IDA shares. StockNews.com upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday, April 22nd. Morgan Stanley raised their target price on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America raised their price objective on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Finally, Jefferies Financial Group raised IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 2nd.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IDA. MassMutual Private Wealth & Trust FSB grew its stake in shares of IDACORP by 98.4% in the fourth 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 during the period. Elite Financial Inc. bought a new stake in IDACORP in the 1st quarter worth approximately $29,000. Versant Capital Management Inc raised its stake in 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 buying an additional 301 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of IDACORP during the 1st quarter valued at $34,000. Finally, Independence Bank of Kentucky lifted its holdings in shares of IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after buying an additional 225 shares during the period. 89.10% of the stock is owned by institutional investors.

IDACORP Price Performance

Shares of IDACORP stock opened at $117.65 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP has a one year low of $90.64 and a one year high of $120.84. The business’s 50 day simple moving average is $115.94 and its two-hundred day simple moving average is $112.54. The stock has a market capitalization of $6.36 billion, a P/E ratio of 21.47, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The company had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. Analysts forecast that IDACORP will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Monday, May 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Monday, May 5th. IDACORP’s payout ratio is 62.77%.

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.