IDACORP, Inc. (NYSE:IDA) Receives Average Rating of “Hold” from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $108.83.

IDA has been the topic of several recent research reports. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock.

IDACORP Trading Down 0.2 %

IDACORP stock opened at $111.22 on Friday. 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 has a one year low of $86.43 and a one year high of $112.03. The stock has a market capitalization of $5.92 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 3.59 and a beta of 0.60. The business’s fifty day moving average is $103.59 and its 200 day moving average is $98.76.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The firm had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same period in the prior year, the company posted $2.07 EPS. On average, sell-side analysts predict that IDACORP will post 5.38 EPS for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.09%. The ex-dividend date is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is 61.60%.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently added to or reduced their stakes in IDA. Nuance Investments LLC purchased a new position in IDACORP during the 1st quarter valued at approximately $86,962,000. Clean Energy Transition LLP purchased a new position in IDACORP during the 2nd quarter valued at approximately $49,103,000. Allspring Global Investments Holdings LLC grew its holdings in IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after buying an additional 145,316 shares in the last quarter. Deprince Race & Zollo Inc. grew its holdings in IDACORP by 30.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after buying an additional 135,793 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in IDACORP during the 2nd quarter valued at approximately $8,032,000. 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.