IDACORP, Inc. (NYSE:IDA) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have been given an average recommendation of “Moderate Buy” by the seven brokerages that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $120.50.

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

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp increased its stake in shares of IDACORP by 0.8% during the 3rd quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock valued at $1,133,000 after acquiring an additional 92 shares during the last quarter. AMG National Trust Bank increased its position in IDACORP by 0.6% during the fourth quarter. AMG National Trust Bank now owns 15,248 shares of the energy company’s stock worth $1,670,000 after purchasing an additional 98 shares during the last quarter. CENTRAL TRUST Co raised its stake in IDACORP by 13.7% during the fourth quarter. CENTRAL TRUST Co now owns 832 shares of the energy company’s stock worth $91,000 after purchasing an additional 100 shares during the period. Perigon Wealth Management LLC boosted its holdings in shares of IDACORP by 4.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock valued at $311,000 after purchasing an additional 112 shares during the last quarter. Finally, HighPoint Advisor Group LLC boosted its holdings in shares of IDACORP by 4.4% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,720 shares of the energy company’s stock valued at $303,000 after purchasing an additional 115 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Price Performance

Shares of NYSE:IDA opened at $114.47 on Monday. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56. 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 business’s 50 day simple moving average is $113.59 and its 200-day simple moving average is $110.73. IDACORP has a 12 month low of $88.70 and a 12 month high of $120.84.

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

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) 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.