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

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $118.20.

Several equities research analysts recently issued reports on the stock. 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. Jefferies Financial Group cut their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Morgan Stanley increased their price target on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, December 13th.

IDACORP Trading Up 1.6 %

NYSE IDA opened at $115.00 on Thursday. IDACORP has a 12 month low of $88.70 and a 12 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. The stock has a 50 day moving average of $111.01 and a 200-day moving average of $109.02. The company has a market cap of $6.21 billion, a PE ratio of 20.99, a PEG ratio of 2.32 and a beta of 0.59.

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

IDACORP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s payout ratio is 62.77%.

Institutional Trading of IDACORP

Hedge funds have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in IDACORP during the third quarter worth about $25,000. MassMutual Private Wealth & Trust FSB grew its position in shares of IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after purchasing an additional 120 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares during the period. Independence Bank of Kentucky increased its holdings in shares of IDACORP by 123.6% during the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after purchasing an additional 225 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in shares of IDACORP in the fourth quarter valued at approximately $45,000. 89.10% of the stock is owned by institutional investors and hedge funds.

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.