IDACORP (NYSE:IDA) Given New $122.00 Price Target at UBS Group

IDACORP (NYSE:IDA) had its price objective increased by UBS Group from $117.00 to $122.00 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

A number of other brokerages also recently weighed in on IDA. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Morgan Stanley raised their target price on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research note on Thursday. Bank of America raised their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. Finally, Jefferies Financial Group lowered their target price on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $120.50.

IDACORP Trading Down 1.6 %

Shares of IDACORP stock opened at $114.32 on Friday. IDACORP has a 52-week low of $88.70 and a 52-week high of $120.42. The stock’s 50-day simple moving average is $112.22 and its 200 day simple moving average is $109.80. The stock has a market capitalization of $6.17 billion, a P/E ratio of 20.86, 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 quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last announced 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. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The firm had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. As a group, research analysts anticipate that IDACORP will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of IDA. M&T Bank Corp grew its holdings in shares of IDACORP by 0.8% in the third quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock worth $1,133,000 after purchasing an additional 92 shares during the last quarter. AMG National Trust Bank grew its holdings in shares of IDACORP by 0.6% in 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 grew its holdings in shares of IDACORP by 13.7% in 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 last quarter. Pitcairn Co. grew its holdings in shares of IDACORP by 2.3% in the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock worth $495,000 after purchasing an additional 107 shares during the last quarter. Finally, Perigon Wealth Management LLC grew its holdings in shares of IDACORP by 4.1% in the fourth quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock worth $311,000 after purchasing an additional 112 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

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.