Brokerages Set IDACORP, Inc. (NYSE:IDA) Price Target at $122.86

Shares of IDACORP, Inc. (NYSE:IDA) have been given a consensus rating of “Moderate Buy” by the seven analysts that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $122.86.

Several research analysts have weighed in on IDA shares. Wells Fargo & Company upped their target price on shares of IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Wall Street Zen lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, April 30th. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 2nd. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the company an “equal weight” rating in a report on Thursday, May 22nd. Finally, Guggenheim upped 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.

IDACORP Trading Down 0.3%

Shares of IDACORP stock opened at $117.54 on Wednesday. IDACORP has a 52-week low of $93.16 and a 52-week high of $120.84. The company has a quick ratio of 1.44, a current ratio of 1.81 and a debt-to-equity ratio of 1.03. The company’s 50-day simple moving average is $115.32 and its 200-day simple moving average is $114.00. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 2.49 and a beta of 0.56.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The business had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. During the same period in the previous year, the business posted $0.95 earnings per share. As a group, equities research analysts anticipate that IDACORP will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors 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 2.93%. The ex-dividend date was Monday, May 5th. IDACORP’s payout ratio is 61.10%.

Hedge Funds Weigh In On IDACORP

Several institutional investors and hedge funds have recently modified their holdings of the company. KBC Group NV raised its stake in IDACORP by 21.2% during the first quarter. KBC Group NV now owns 2,350 shares of the energy company’s stock worth $273,000 after purchasing an additional 411 shares during the period. GAMMA Investing LLC raised its stake in IDACORP by 20.8% during the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company’s stock worth $86,000 after purchasing an additional 127 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in IDACORP by 7.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company’s stock worth $765,000 after purchasing an additional 456 shares during the period. Bessemer Group Inc. raised its stake in IDACORP by 318.9% during the first quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company’s stock worth $163,000 after purchasing an additional 1,065 shares during the period. Finally, Farther Finance Advisors LLC raised its stake in IDACORP by 879.1% during the first quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company’s stock worth $49,000 after purchasing an additional 378 shares during the period. Hedge funds and other 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.