IDACORP, Inc. (NYSE:IDA) Receives Consensus Rating of “Moderate Buy” from Brokerages

IDACORP, Inc. (NYSE:IDA) has received an average rating of “Moderate Buy” from the nine analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $137.8750.

A number of equities analysts recently weighed in on IDA shares. Morgan Stanley set a $139.00 price target on shares of IDACORP and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Mizuho raised their price target on shares of IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. UBS Group dropped their price objective on IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Wednesday, October 8th. Finally, BTIG Research upgraded IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd.

IDACORP Trading Up 0.6%

NYSE:IDA opened at $127.26 on Wednesday. IDACORP has a 52 week low of $104.74 and a 52 week high of $138.03. The firm has a 50-day moving average price of $128.33 and a two-hundred day moving average price of $126.21. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 21.87, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 1.09.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. IDACORP had a return on equity of 9.35% and a net margin of 17.59%.The business had revenue of $524.42 million for the quarter, compared to analyst estimates of $663.09 million. During the same period last year, the company posted $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, equities analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Wednesday, November 5th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.8%. This is a boost from IDACORP’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend was Wednesday, November 5th. IDACORP’s payout ratio is currently 60.48%.

Institutional Trading of IDACORP

Several hedge funds and other institutional investors have recently modified their holdings of IDA. State Street Corp boosted its holdings in IDACORP by 6.3% in the 2nd quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after buying an additional 110,885 shares during the period. Reaves W H & Co. Inc. lifted its position in shares of IDACORP by 8.5% during the third quarter. Reaves W H & Co. Inc. now owns 1,700,680 shares of the energy company’s stock worth $224,745,000 after acquiring an additional 133,836 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of IDACORP by 1.0% during the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock worth $162,190,000 after acquiring an additional 13,283 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of IDACORP by 3.5% in the third quarter. Jennison Associates LLC now owns 1,370,069 shares of the energy company’s stock worth $181,055,000 after acquiring an additional 46,413 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of IDACORP by 1.5% in the second quarter. Geode Capital Management LLC now owns 1,021,027 shares of the energy company’s stock valued at $117,905,000 after purchasing an additional 15,223 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.