Brokerages Set IDACORP, Inc. (NYSE:IDA) Target Price at $120.50

IDACORP, Inc. (NYSE:IDA) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $120.50.

IDA has been the topic of several research reports. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday. UBS Group upped their target price on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Morgan Stanley upped their price objective on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Finally, Bank of America lifted their target price on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd.

IDACORP Stock Performance

Shares of NYSE IDA opened at $116.18 on Friday. The firm’s fifty day moving average is $116.06 and its two-hundred day moving average is $112.67. IDACORP has a 52-week low of $90.64 and a 52-week high of $120.84. The company has a market cap of $6.28 billion, a P/E ratio of 21.20, a P/E/G ratio of 2.32 and a beta of 0.56. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The company had revenue of $432.46 million for the quarter, compared to the consensus estimate of $442.24 million. During the same period in the previous year, the business earned $0.95 earnings per share. As a group, analysts anticipate that IDACORP will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Monday, May 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.96%. IDACORP’s dividend payout ratio is 62.77%.

Institutional Investors Weigh In On IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in IDACORP by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock worth $660,786,000 after purchasing an additional 77,230 shares during the period. Wellington Management Group LLP increased its stake in IDACORP by 43.3% in the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after buying an additional 1,035,133 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock valued at $208,692,000 after buying an additional 166,864 shares in the last quarter. Alliancebernstein L.P. boosted its position in IDACORP by 2.2% in the 4th quarter. Alliancebernstein L.P. now owns 1,379,408 shares of the energy company’s stock valued at $150,742,000 after buying an additional 29,094 shares during the period. Finally, Reaves W H & Co. Inc. grew its stake in IDACORP by 75.4% in the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after acquiring an additional 429,276 shares in the last quarter. 89.10% of the stock is owned by institutional investors.

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.