IDACORP (NYSE:IDA) Hits New 52-Week High - Here's Why

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The company traded as high as $112.69 and last traded at $112.69, with a volume of 9453 shares trading hands. The stock had previously closed at $111.22.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IDA shares. Bank of America raised IDACORP from a "neutral" rating to a "buy" rating and upped their price target for the stock from $113.00 to $117.00 in a report on Tuesday. StockNews.com downgraded IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday. Morgan Stanley lifted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Wells Fargo & Company boosted their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 16th. Finally, Mizuho raised shares of IDACORP from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $102.00 to $116.00 in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $108.83.

IDACORP Trading Up 2.3 %

The stock has a market capitalization of $6.06 billion, a PE ratio of 21.12, a P/E/G ratio of 3.59 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The company's 50 day moving average price is $103.59 and its two-hundred day moving average price is $98.76.

IDACORP (NYSE:IDA - Get Free Report) last released 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 return on equity of 9.17% and a net margin of 15.35%. The company had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period last year, the firm posted $2.07 EPS. As a group, analysts expect that IDACORP, Inc. will post 5.38 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.02%. This is a positive change from IDACORP's previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP's dividend payout ratio is presently 63.82%.

Hedge Funds Weigh In On IDACORP

Several large investors have recently modified their holdings of the business. First Eagle Investment Management LLC lifted its position in IDACORP by 18.4% in the first quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company's stock valued at $12,065,000 after buying an additional 20,184 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of IDACORP by 90.0% in the 1st quarter. Sei Investments Co. now owns 74,368 shares of the energy company's stock worth $6,908,000 after acquiring an additional 35,217 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of IDACORP during the 1st quarter worth approximately $5,087,000. Assenagon Asset Management S.A. acquired a new stake in IDACORP in the 2nd quarter valued at approximately $8,032,000. Finally, Duality Advisers LP purchased a new stake in IDACORP in the first quarter valued at approximately $837,000. Institutional investors and hedge funds own 89.10% of the company's stock.

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.