IDACORP (NYSE:IDA) Price Target Lowered to $118.00 at Jefferies Financial Group

IDACORP (NYSE:IDA) had its price target lowered by Jefferies Financial Group from $129.00 to $118.00 in a report released on Tuesday,Benzinga reports. Jefferies Financial Group currently has a hold rating on the energy company’s stock.

Other analysts have also recently issued research reports about the company. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Morgan Stanley upped their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and increased their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Finally, Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $102.00 to $116.00 in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $116.20.

IDACORP Price Performance

IDA opened at $108.69 on Tuesday. The company’s 50-day simple moving average is $111.87 and its two-hundred day simple moving average is $106.32. 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 market capitalization of $5.79 billion, a P/E ratio of 20.16, a P/E/G ratio of 2.21 and a beta of 0.65. IDACORP has a 52-week low of $86.43 and a 52-week high of $120.42.

IDACORP (NYSE:IDA) last issued its quarterly earnings data 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 company had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter last year, the company earned $2.07 EPS. As a group, analysts predict that IDACORP will post 5.41 EPS for the current year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.86 per share. The ex-dividend date is Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.16%. IDACORP’s payout ratio is 63.82%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IDA. MassMutual Private Wealth & Trust FSB raised its holdings in IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after acquiring an additional 120 shares during the period. Legacy Investment Solutions LLC bought a new stake in IDACORP during the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC purchased a new position in IDACORP in the 3rd quarter worth approximately $26,000. Versant Capital Management Inc boosted its stake in IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares during the period. Finally, Independence Bank of Kentucky grew its holdings in IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after buying an additional 225 shares in the last quarter. 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.