IDACORP, Inc. (NYSE:IDA) Receives Average Rating of "Hold" from Analysts

IDACORP, Inc. (NYSE:IDA - Get Free Report) has received an average recommendation of "Hold" from the six research firms that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $108.83.

Several research firms have commented on IDA. Bank of America upgraded IDACORP from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. StockNews.com downgraded IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, November 6th. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Mizuho raised shares of IDACORP from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Finally, Jefferies Financial Group initiated coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a "hold" rating and a $110.00 price target on the stock.

Hedge Funds Weigh In On IDACORP

Institutional investors and hedge funds have recently bought and sold shares of the company. Clean Energy Transition LLP acquired a new position in shares of IDACORP in the 2nd quarter valued at $49,103,000. Wellington Management Group LLP boosted its stake in IDACORP by 17.7% during the third quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company's stock worth $246,367,000 after buying an additional 359,553 shares during the period. Nuance Investments LLC increased its position in shares of IDACORP by 19.0% during the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company's stock valued at $103,813,000 after acquiring an additional 178,294 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in shares of IDACORP by 30.8% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company's stock valued at $53,667,000 after acquiring an additional 135,793 shares during the period. Finally, State Street Corp lifted its holdings in shares of IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company's stock worth $170,789,000 after acquiring an additional 86,642 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Price Performance

Shares of NYSE:IDA traded down $1.09 during midday trading on Tuesday, reaching $117.87. 350,188 shares of the company's stock traded hands, compared to its average volume of 349,835. The company has a fifty day simple moving average of $107.00 and a two-hundred day simple moving average of $100.68. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42. The company has a market cap of $6.28 billion, a P/E ratio of 21.89, a PEG ratio of 2.64 and a beta of 0.60. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). The company had revenue of $528.53 million for the quarter, compared to analysts' expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the previous year, the business earned $2.07 earnings per share. Equities analysts predict that IDACORP will post 5.42 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.92%. This is a positive change from IDACORP's previous quarterly dividend of $0.83. IDACORP's dividend payout ratio is currently 63.82%.

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.