IDACORP, Inc. (NYSE:IDA) Receives $120.50 Average PT from Analysts

IDACORP, Inc. (NYSE:IDA) has received an average recommendation of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $120.50.

Several research analysts have recently commented on the company. Bank of America boosted their price target on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. 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 report on Friday, March 21st. Morgan Stanley raised their price target on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IDA. Principal Securities Inc. raised its stake in IDACORP by 2.1% in the 1st quarter. Principal Securities Inc. now owns 4,410 shares of the energy company’s stock worth $482,000 after acquiring an additional 92 shares during the last quarter. AMG National Trust Bank raised its stake 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 lifted its holdings in shares of 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. Cambridge Investment Research Advisors Inc. boosted its position in IDACORP by 4.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company’s stock valued at $289,000 after buying an additional 100 shares during the last quarter. Finally, State of Michigan Retirement System increased its holdings in IDACORP by 0.8% in the 1st quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company’s stock worth $1,478,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Stock Down 1.6 %

NYSE:IDA opened at $116.18 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. The firm has a market cap of $6.28 billion, a PE ratio of 21.20, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56. The company has a 50-day moving average of $116.06 and a 200 day moving average of $112.67. IDACORP has a 1-year low of $90.64 and a 1-year high of $120.84.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. The firm had revenue of $432.46 million for the quarter, compared to the consensus estimate of $442.24 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. During the same period last year, the firm earned $0.95 earnings per share. As a group, research analysts anticipate that IDACORP will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.96%. The ex-dividend date is Monday, May 5th. IDACORP’s dividend payout ratio is presently 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.