IDACORP, Inc. (NYSE:IDA) Given Consensus Recommendation of "Moderate Buy" by Brokerages

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

A number of research firms have recently weighed in on IDA. UBS Group lowered their price target 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. Jefferies Financial Group raised IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Wells Fargo & Company lifted their price target on IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price target on IDACORP and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Finally, Wall Street Zen downgraded IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th.

IDACORP Stock Performance

Shares of NYSE IDA traded up $1.80 during mid-day trading on Wednesday, hitting $117.58. 508,596 shares of the company were exchanged, compared to its average volume of 365,927. The company has a quick ratio of 1.44, a current ratio of 1.81 and a debt-to-equity ratio of 1.03. The stock has a 50 day simple moving average of $115.30 and a 200-day simple moving average of $113.82. IDACORP has a 1-year low of $91.79 and a 1-year high of $120.84. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 2.47 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. The firm had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same period last year, the company earned $0.95 earnings per share. On average, sell-side analysts forecast that IDACORP will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Monday, May 5th. IDACORP's dividend payout ratio (DPR) is 61.10%.

Institutional Trading of IDACORP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elite Financial Inc. acquired a new position in IDACORP during the 1st quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd lifted its position in IDACORP by 621.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock worth $31,000 after acquiring an additional 230 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in IDACORP during the 1st quarter worth approximately $34,000. Proficio Capital Partners LLC acquired a new position in IDACORP during the 4th quarter worth approximately $45,000. Finally, Farther Finance Advisors LLC lifted its position in IDACORP by 879.1% during the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after acquiring an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company's stock.

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.