IDACORP (NYSE:IDA) Hits New 52-Week High - Still a Buy?

IDACORP, Inc. (NYSE:IDA - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $109.47 and last traded at $108.49, with a volume of 102049 shares trading hands. The stock had previously closed at $103.48.

Analyst Ratings Changes

Several brokerages have recently commented on IDA. Mizuho upgraded shares of IDACORP from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $102.00 to $116.00 in a report on Friday. Morgan Stanley raised their price target on IDACORP from $102.00 to $108.00 and gave the stock an "equal weight" rating in a research report on Wednesday, September 25th. Jefferies Financial Group started coverage on IDACORP in a report on Friday, September 20th. They issued a "hold" rating and a $110.00 price objective on the stock. Bank of America initiated coverage on IDACORP in a report on Thursday, September 12th. They set a "neutral" rating and a $110.00 target price for the company. Finally, Wells Fargo & Company raised their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, IDACORP currently has a consensus rating of "Hold" and a consensus target price of $107.67.

IDACORP Trading Up 2.3 %

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 company has a market cap of $5.64 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 3.43 and a beta of 0.60. The business's fifty day simple moving average is $102.81 and its two-hundred day simple moving average is $98.11.

IDACORP (NYSE:IDA - Get Free Report) last announced its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts' consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period in the previous year, the firm earned $2.07 earnings per share. On average, equities analysts predict that IDACORP, Inc. will post 5.39 EPS for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a boost from IDACORP's previous quarterly dividend of $0.83. IDACORP's dividend payout ratio (DPR) is 62.17%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Radnor Capital Management LLC acquired a new stake in IDACORP in the third quarter valued at $232,000. Van ECK Associates Corp raised its stake in IDACORP by 7.0% in the 3rd quarter. Van ECK Associates Corp now owns 14,494 shares of the energy company's stock valued at $1,522,000 after purchasing an additional 954 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in IDACORP by 1.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 18,587 shares of the energy company's stock valued at $1,916,000 after purchasing an additional 332 shares in the last quarter. F M Investments LLC boosted its stake in shares of IDACORP by 39.1% during the 3rd quarter. F M Investments LLC now owns 78,192 shares of the energy company's stock worth $8,061,000 after purchasing an additional 21,980 shares during the last quarter. Finally, James Investment Research Inc. raised its position in shares of IDACORP by 11.4% in the third quarter. James Investment Research Inc. now owns 4,208 shares of the energy company's stock valued at $434,000 after buying an additional 430 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.