Jefferies Financial Group Cuts IDACORP (NYSE:IDA) Price Target to $118.00

IDACORP (NYSE:IDA) had its price target trimmed by Jefferies Financial Group from $129.00 to $118.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a hold rating on the energy company’s stock.

Several other research firms have also commented on IDA. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Wells Fargo & Company increased their target price on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Finally, Morgan Stanley increased their target price on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $116.20.

IDACORP Trading Up 1.4 %

Shares of NYSE:IDA opened at $109.96 on Tuesday. The company has a 50 day moving average of $111.50 and a 200-day moving average of $106.36. The firm has a market cap of $5.86 billion, a P/E ratio of 20.40, a P/E/G ratio of 2.21 and a beta of 0.65. IDACORP has a twelve month low of $86.43 and a twelve month high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share 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 analyst estimates of $524.39 million. During the same period in the prior year, the company posted $2.07 earnings per share. As a group, analysts anticipate that IDACORP will post 5.41 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.13%. IDACORP’s dividend payout ratio is currently 63.82%.

Institutional Investors Weigh In On IDACORP

A number of large investors have recently made changes to their positions in IDA. Diversified Trust Co acquired a new position in IDACORP in the 4th quarter valued at approximately $704,000. Algert Global LLC increased its stake in IDACORP by 42.5% in the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after buying an additional 10,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in IDACORP by 67.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after buying an additional 19,274 shares during the period. GSA Capital Partners LLP acquired a new position in IDACORP in the 3rd quarter valued at approximately $3,228,000. Finally, Charles Schwab Investment Management Inc. increased its stake in IDACORP by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock valued at $71,368,000 after buying an additional 35,651 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.

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.