Brokerages Set IDACORP, Inc. (NYSE:IDA) Price Target at $118.20

IDACORP, Inc. (NYSE:IDA) has been given an average recommendation of “Moderate Buy” by the six brokerages that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $118.20.

A number of equities research analysts have recently commented on the company. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America lifted 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. Morgan Stanley lifted their price objective on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Finally, Jefferies Financial Group lowered their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th.

IDACORP Stock Performance

IDACORP stock opened at $114.68 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The stock has a fifty day moving average of $111.24 and a two-hundred day moving average of $109.16. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 20.93, a PEG ratio of 2.32 and a beta of 0.59. IDACORP has a fifty-two week low of $88.70 and a fifty-two week high of $120.42.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. On average, analysts anticipate that IDACORP will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Institutional Investors Weigh In On IDACORP

A number of institutional investors have recently added to or reduced their stakes in IDA. Legacy Investment Solutions LLC purchased a new stake in IDACORP during the third quarter valued at about $25,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of IDACORP by 98.4% during 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. Versant Capital Management Inc lifted its stake in shares of IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares in the last quarter. Independence Bank of Kentucky lifted its stake in shares of IDACORP by 123.6% during 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. Finally, Proficio Capital Partners LLC acquired a new position in shares of IDACORP during the fourth quarter worth about $45,000. 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.