IDACORP (NYSE:IDA) Receives New Coverage from Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of IDACORP (NYSE:IDA) in a research note released on Friday, Marketbeat reports. The firm issued a hold rating and a $110.00 target price on the energy company’s stock.

Other analysts have also issued research reports about the company. Wells Fargo & Company increased their price objective on IDACORP from $98.00 to $106.00 and gave the company an equal weight rating in a report on Friday, August 2nd. Morgan Stanley upped their target price on IDACORP from $94.00 to $102.00 and gave the company an equal weight rating in a research report on Friday, August 23rd. Finally, Bank of America started coverage on IDACORP in a research report on Thursday, September 12th. They issued a neutral rating and a $110.00 target price on the stock. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $102.71.

IDACORP Stock Up 0.9 %

Shares of NYSE IDA opened at $103.18 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of 20.72 and a beta of 0.60. The stock has a 50 day moving average price of $101.00 and a 200 day moving average price of $95.97. IDACORP has a 52-week low of $86.43 and a 52-week high of $105.24.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. The firm had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same quarter in the previous year, the business earned $1.35 earnings per share. Sell-side analysts expect that IDACORP will post 5.41 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.22%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio is currently 66.67%.

Institutional Investors Weigh In On IDACORP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC grew its position in IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in IDACORP during the 2nd quarter worth about $35,000. Mather Group LLC. acquired a new stake in IDACORP during the 1st quarter worth about $41,000. Kapitalo Investimentos Ltda acquired a new stake in IDACORP during the 4th quarter worth about $54,000. Finally, EverSource Wealth Advisors LLC grew its position in IDACORP by 19.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after purchasing an additional 112 shares during the period. 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.