IDACORP, Inc. (NYSE:IDA) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have received a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $123.14.

Several analysts have weighed in on IDA shares. Morgan Stanley set a $128.00 price objective on IDACORP and gave the company an “equal weight” rating in a research report on Thursday, May 22nd. UBS Group boosted their price objective on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Wall Street Zen downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, April 30th. Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Finally, Guggenheim boosted their price objective on IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a research report on Friday, May 2nd.

IDACORP Stock Performance

NYSE:IDA opened at $115.56 on Tuesday. The business has a 50 day moving average of $115.90 and a 200 day moving average of $113.89. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 2.32 and a beta of 0.59. IDACORP has a 1-year low of $90.64 and a 1-year high of $120.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The company had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same quarter in the previous year, the company posted $0.95 EPS. On average, sell-side analysts predict that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.98%. IDACORP’s dividend payout ratio is presently 61.10%.

Hedge Funds Weigh In On IDACORP

A number of hedge funds and other institutional investors have recently made changes to their positions in IDA. MassMutual Private Wealth & Trust FSB raised its holdings in IDACORP by 98.4% in the fourth 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. Elite Financial Inc. bought a new position in IDACORP in the first quarter worth $29,000. Caitong International Asset Management Co. Ltd raised its holdings in IDACORP by 621.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company’s stock worth $31,000 after purchasing an additional 230 shares in the last quarter. Opal Wealth Advisors LLC bought a new position in IDACORP in the first quarter worth $34,000. Finally, Independence Bank of Kentucky raised its holdings in IDACORP by 123.6% in 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 in the last quarter. Institutional investors own 89.10% of the company’s stock.

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.