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

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

A number of brokerages recently weighed in on IDA. Wall Street Zen downgraded IDACORP from a "hold" rating to a "sell" rating in a report on Wednesday, April 30th. Morgan Stanley set a $128.00 target price on IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Wells Fargo & Company boosted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. UBS Group cut their price objective on shares of IDACORP from $121.00 to $120.00 and set a "neutral" rating on the stock in a research note on Monday, June 2nd. Finally, Guggenheim lifted their target price on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd.

IDACORP Stock Performance

Shares of IDA stock traded up $0.49 during trading hours on Wednesday, reaching $117.89. 442,291 shares of the company traded hands, compared to its average volume of 368,057. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44. IDACORP has a 12-month low of $93.16 and a 12-month high of $120.84. The company has a market cap of $6.37 billion, a P/E ratio of 20.94, a P/E/G ratio of 2.49 and a beta of 0.56. The firm has a 50-day moving average price of $115.32 and a 200 day moving average price of $113.90.

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

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.92%. The ex-dividend date was Monday, May 5th. IDACORP's dividend payout ratio is currently 61.10%.

Hedge Funds Weigh In On IDACORP

Several institutional investors and hedge funds have recently bought and sold shares of IDA. Proficio Capital Partners LLC purchased a new position in IDACORP during the fourth quarter worth about $45,000. Jones Financial Companies Lllp grew its position in shares of IDACORP by 1,333.3% during the fourth quarter. Jones Financial Companies Lllp now owns 516 shares of the energy company's stock worth $56,000 after buying an additional 480 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of IDACORP by 148.8% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 709 shares of the energy company's stock valued at $77,000 after purchasing an additional 424 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in IDACORP by 1.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 699,579 shares of the energy company's stock valued at $76,450,000 after buying an additional 7,286 shares in the last quarter. Finally, Arizona State Retirement System boosted its holdings in IDACORP by 5.9% in the fourth quarter. Arizona State Retirement System now owns 15,454 shares of the energy company's stock valued at $1,689,000 after purchasing an additional 857 shares in the last quarter. 89.10% of the stock is currently 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.