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

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The company traded as high as $105.25 and last traded at $105.23, with a volume of 26962 shares traded. The stock had previously closed at $104.98.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They issued a "neutral" rating and a $110.00 target price on the stock. Jefferies Financial Group assumed coverage on IDACORP in a research note on Friday, September 20th. They issued a "hold" rating and a $110.00 target price on the stock. Morgan Stanley raised their target price on IDACORP from $102.00 to $108.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, IDACORP has an average rating of "Hold" and a consensus target price of $104.83.

IDACORP Trading Down 0.2 %

The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm's 50-day simple moving average is $102.79 and its 200 day simple moving average is $97.76. The stock has a market capitalization of $5.58 billion, a P/E ratio of 21.04, a PEG ratio of 3.38 and a beta of 0.60.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The firm had revenue of $451.04 million for the quarter, compared to analysts' expectations of $420.56 million. During the same period in the previous year, the business earned $1.35 earnings per share. Equities research analysts anticipate that IDACORP, Inc. will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be given a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This is a boost from IDACORP's previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.28%. IDACORP's payout ratio is 69.08%.

Hedge Funds Weigh In On IDACORP

Institutional investors have recently bought and sold shares of the stock. First Eagle Investment Management LLC increased its stake in IDACORP by 18.4% in the 1st quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company's stock worth $12,065,000 after purchasing an additional 20,184 shares in the last quarter. Buckley Wealth Management LLC increased its stake in IDACORP by 273.1% in the 1st quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company's stock worth $3,569,000 after purchasing an additional 28,125 shares in the last quarter. Sei Investments Co. increased its stake in 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 purchasing an additional 35,217 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in IDACORP in the 1st quarter worth about $5,087,000. Finally, Assenagon Asset Management S.A. purchased a new position in IDACORP in the 2nd quarter worth about $8,032,000. 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.