IDACORP (NYSE:IDA) Sets New 1-Year High - What's Next?

Shares of IDACORP, Inc. (NYSE:IDA - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $119.81 and last traded at $119.81, with a volume of 9329 shares. The stock had previously closed at $118.80.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IDA. Jefferies Financial Group began coverage on shares of IDACORP in a report on Friday, September 20th. They set a "hold" rating and a $110.00 price objective on the stock. Wells Fargo & Company raised their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Mizuho upgraded shares of IDACORP from a "neutral" rating to an "outperform" rating and raised their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st. Bank of America upgraded shares of IDACORP from a "neutral" rating to a "buy" rating and raised their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Morgan Stanley raised their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an "equal weight" rating in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $108.83.

IDACORP Price Performance

The company has a market cap of $6.33 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60. The business's 50 day moving average price is $106.71 and its 200-day moving average price is $100.51. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

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 analysts' consensus estimates of $2.17 by ($0.05). The firm 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 quarter in the prior year, the business earned $2.07 EPS. As a group, analysts forecast that IDACORP, Inc. will post 5.42 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.89%. This is a positive change from IDACORP's previous quarterly dividend of $0.83. IDACORP's dividend payout ratio (DPR) is currently 63.82%.

Institutional Trading of IDACORP

A number of hedge funds have recently made changes to their positions in the company. M&T Bank Corp grew its position in shares of IDACORP by 0.8% during the third quarter. M&T Bank Corp now owns 10,992 shares of the energy company's stock worth $1,133,000 after buying an additional 92 shares in the last quarter. Trust Point Inc. grew its position in shares of IDACORP by 1.4% during the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company's stock worth $760,000 after buying an additional 101 shares in the last quarter. Blue Trust Inc. grew its position in shares of IDACORP by 7.5% during the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company's stock worth $157,000 after buying an additional 106 shares in the last quarter. Raymond James Trust N.A. grew its position in shares of IDACORP by 1.7% during the second quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company's stock worth $597,000 after buying an additional 107 shares in the last quarter. Finally, Pitcairn Co. grew its position in shares of IDACORP by 2.3% during the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company's stock worth $495,000 after buying an additional 107 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.