Brokerages Set IDACORP, Inc. (NYSE:IDA) Price Target at $122.86

Shares of IDACORP, Inc. (NYSE:IDA - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the seven brokerages that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $122.86.

A number of brokerages have issued reports on IDA. Guggenheim boosted their price target on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd. UBS Group decreased their target price on shares of IDACORP from $121.00 to $120.00 and set a "neutral" rating for the company in a research note on Monday, June 2nd. Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a report on Monday, March 3rd. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. Finally, Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd.

IDACORP Stock Performance

Shares of NYSE:IDA traded up $0.40 on Friday, hitting $113.18. 660,045 shares of the company were exchanged, compared to its average volume of 358,580. The firm has a market capitalization of $6.11 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 2.39 and a beta of 0.58. The company has a current ratio of 1.81, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03. IDACORP has a 1-year low of $90.67 and a 1-year high of $120.84. The stock's 50 day moving average price is $116.08 and its 200 day moving average price is $113.65.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.07. The company had revenue of $432.46 million during the quarter, compared to analysts' expectations of $442.24 million. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. During the same quarter in the previous year, the firm posted $0.95 EPS. Sell-side analysts predict that IDACORP will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 5th were issued a dividend of $0.86 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.04%. IDACORP's payout ratio is currently 61.10%.

Institutional Trading of IDACORP

A number of institutional investors have recently made changes to their positions in the company. Apollon Wealth Management LLC purchased a new position in IDACORP in the 4th quarter valued at $213,000. Van ECK Associates Corp lifted its stake in shares of IDACORP by 14.2% in the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company's stock worth $1,809,000 after buying an additional 2,056 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in IDACORP during the fourth quarter worth about $362,000. Empowered Funds LLC purchased a new stake in IDACORP during the 4th quarter valued at about $210,000. Finally, Envestnet Portfolio Solutions Inc. grew its stake in IDACORP by 2.4% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 5,641 shares of the energy company's stock valued at $616,000 after acquiring an additional 132 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

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.