IDACORP, Inc. (NYSE:IDA) Receives $122.86 Average PT from Brokerages

Key Points

• IDACORP, Inc. has received a consensus recommendation of "Moderate Buy" from seven analysts, with an average 1-year price target of $122.86.
• Hedge funds have significantly increased their stakes in IDACORP, with Jennison Associates raising their stake by 115.3% in the second quarter.
• The company recently announced a quarterly dividend of $0.86 per share, representing a 2.8% dividend yield.

IDACORP, Inc. (NYSE:IDA - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $122.8571.

IDA has been the topic of several research analyst reports. Guggenheim increased their target price on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. UBS Group reissued a "neutral" rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wells Fargo & Company increased their target price on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. 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 Trading Up 1.7%

Shares of IDA traded up $2.13 during trading hours on Friday, hitting $126.47. 353,362 shares of the stock were exchanged, compared to its average volume of 423,837. IDACORP has a fifty-two week low of $99.75 and a fifty-two week high of $126.70. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The business has a 50-day moving average of $117.33 and a 200-day moving average of $115.36. The firm has a market capitalization of $6.83 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 2.63 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The company had revenue of $531.10 million during the quarter, compared to analysts' expectations of $478.14 million. During the same period in the prior year, the company posted $1.71 earnings per share. On average, research analysts expect that IDACORP will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's dividend payout ratio (DPR) is presently 60.56%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IDA. Elite Financial Inc. purchased a new stake in IDACORP during the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd increased its holdings in IDACORP by 621.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock worth $31,000 after buying an additional 230 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in IDACORP during the second quarter worth about $31,000. Opal Wealth Advisors LLC purchased a new stake in IDACORP during the first quarter worth about $34,000. Finally, Riverview Trust Co purchased a new position in shares of IDACORP in the second quarter worth about $42,000. 89.10% of the stock is owned by institutional investors.

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.