IDACORP (NYSE:IDA) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. The firm currently has $109.00 price target on the energy company’s stock.

According to Zacks, “IDACORP continues to benefit from increase in demand for electricity from its residential customers and expanding customer base. Its long-term investment plan, expanding customer base and improving economic conditions in its service territories will boost the company’s performance. Debt management, cost control and production of more electricity from clean energy sources will act as tailwinds. The company has ample liquidity to meet its near-term debt obligations. In the past six months, its shares have outperformed the industry. However, operating hydro-electric power generation units requires licenses and the company has to go through the permitting process, which involves a number of stringent conditions that may result in significant capital expenditure. Development and usage of low-cost alternate energy are headwinds.”

IDA has been the topic of several other reports. Wells Fargo & Company upgraded IDACORP from an underweight rating to an equal weight rating and raised their price objective for the stock from $103.00 to $104.00 in a research note on Thursday, July 15th. Williams Capital restated a buy rating on shares of IDACORP in a research note on Friday, April 23rd. Finally, Bank of America restated a neutral rating and set a $105.00 price objective on shares of IDACORP in a research note on Monday, April 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. IDACORP currently has an average rating of Buy and an average target price of $104.75.

IDACORP stock opened at $102.79 on Monday. The stock has a market cap of $5.19 billion, a PE ratio of 21.24, a P/E/G ratio of 5.52 and a beta of 0.51. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.90 and a current ratio of 2.27. The firm’s 50 day simple moving average is $99.70. IDACORP has a 52 week low of $78.91 and a 52 week high of $105.45.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, April 29th. The energy company reported $0.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.08. The company had revenue of $316.05 million during the quarter. IDACORP had a return on equity of 9.58% and a net margin of 17.79%. Equities analysts forecast that IDACORP will post 4.82 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 31st. Shareholders of record on Thursday, August 5th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Wednesday, August 4th. IDACORP’s dividend payout ratio is presently 60.55%.

A number of hedge funds and other institutional investors have recently modified their holdings of IDA. Cohen & Steers Inc. acquired a new stake in IDACORP in the first quarter worth $25,000. AGF Investments LLC acquired a new stake in IDACORP in the first quarter worth $34,000. Ameritas Investment Company LLC acquired a new stake in IDACORP in the first quarter worth $34,000. Berman Capital Advisors LLC increased its position in IDACORP by 287.4% in the first quarter. Berman Capital Advisors LLC now owns 461 shares of the energy company’s stock worth $45,000 after buying an additional 342 shares during the period. Finally, Crescent Capital Consulting LLC acquired a new stake in IDACORP in the first quarter worth $50,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Company Profile

IDACORP, Inc 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, Nevada, and Oregon.

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