IDACORP, Inc. (NYSE:IDA) Receives $123.57 Average Target Price from Brokerages

Shares of IDACORP, Inc. (NYSE:IDA - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $123.14.

A number of equities research analysts recently issued reports on IDA shares. Bank of America upped their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a research note on Monday, March 3rd. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Guggenheim lifted their price target on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, May 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 report on Friday, May 2nd. Finally, Morgan Stanley set a $128.00 price target on IDACORP and gave the stock an "equal weight" rating in a research report on Thursday.

IDACORP Price Performance

IDA stock traded up $0.43 during mid-day trading on Tuesday, hitting $115.56. The company had a trading volume of 432,599 shares, compared to its average volume of 345,998. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 21.09, a P/E/G ratio of 2.32 and a beta of 0.59. IDACORP has a 12-month low of $90.64 and a 12-month high of $120.84. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average price of $115.93 and a 200 day moving average price of $113.87.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.07. The business had revenue of $432.46 million during the quarter, compared to analysts' expectations of $442.24 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. During the same quarter last year, the business posted $0.95 EPS. On average, research analysts anticipate that IDACORP will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.98%. IDACORP's dividend payout ratio is presently 61.10%.

Institutional Investors Weigh In On IDACORP

Hedge funds and other institutional investors have recently modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its holdings in shares of IDACORP by 98.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company's stock worth $26,000 after buying an additional 120 shares during the period. Elite Financial Inc. purchased a new stake in shares of IDACORP in the first quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of IDACORP by 621.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock valued at $31,000 after purchasing an additional 230 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of IDACORP during the first quarter valued at $34,000. Finally, Independence Bank of Kentucky boosted its stake in shares of IDACORP by 123.6% during the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock valued at $44,000 after purchasing an additional 225 shares during the period. 89.10% of the stock is currently owned by hedge funds and other 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.