IDACORP, Inc. (NYSE:IDA) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned an average rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $122.86.

IDA has been the subject of several analyst reports. Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company upped their price target on IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the company an “equal weight” rating in a research note on Thursday, May 22nd. Bank of America boosted their target price on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Finally, Guggenheim raised their price target on shares of IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a report on Friday, May 2nd.

Institutional Investors Weigh In On IDACORP

Hedge funds and other institutional investors have recently modified their holdings of the stock. Apollon Wealth Management LLC acquired a new stake in shares of IDACORP during the 4th quarter valued at approximately $213,000. Van ECK Associates Corp increased its stake in IDACORP by 14.2% during the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after purchasing an additional 2,056 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of IDACORP during the fourth quarter worth $362,000. Empowered Funds LLC bought a new position in shares of IDACORP in the 4th quarter worth about $210,000. Finally, Envestnet Portfolio Solutions Inc. lifted its position in shares of IDACORP by 2.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,641 shares of the energy company’s stock worth $616,000 after buying an additional 132 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Up 0.2%

Shares of NYSE:IDA opened at $113.46 on Friday. The stock has a 50-day simple moving average of $116.05 and a 200-day simple moving average of $113.65. The stock has a market capitalization of $6.13 billion, a P/E ratio of 20.15, a PEG ratio of 2.40 and a beta of 0.58. IDACORP has a 1 year low of $90.67 and a 1 year high of $120.84. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.44 and a current ratio of 1.81.

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, topping the consensus estimate of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The company had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same period in the previous year, the firm earned $0.95 earnings per share. Equities analysts forecast that IDACORP will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 3.03%. The ex-dividend date was Monday, May 5th. IDACORP’s dividend payout ratio (DPR) is currently 61.10%.

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.