IDACORP (NYSE:IDA) Hits New 1-Year High - Here's Why

Key Points

• IDACORP shares reached a new 52-week high of $130.70 on Tuesday, closing at $130.60 with a trading volume of 629,024 shares.
• Analyst ratings have been mixed, with Morgan Stanley lowering its target price to $131.00, while Wall Street Zen upgraded the stock from a "sell" to a "hold" rating.
• The company declared a quarterly dividend of $0.86, reflecting an annualized dividend yield of 2.6%, with an ex-dividend date of August 5th.

IDACORP, Inc. (NYSE:IDA - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $130.70 and last traded at $130.60, with a volume of 629024 shares traded. The stock had previously closed at $129.76.

Analyst Ratings Changes

IDA has been the topic of a number of recent analyst reports. Morgan Stanley lowered their target price on shares of IDACORP from $133.00 to $131.00 and set an "equal weight" rating on the stock in a report on Thursday, September 25th. UBS Group reiterated a "neutral" rating and issued a $120.00 price objective (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Finally, Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $123.29.

IDACORP Stock Performance

The company's fifty day simple moving average is $125.44 and its 200 day simple moving average is $119.29. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 22.99, a P/E/G ratio of 2.71 and a beta of 0.59. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

IDACORP (NYSE:IDA - Get Free Report) last announced its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.76. The company had revenue of $531.10 million during the quarter, compared to analysts' expectations of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter in the previous year, the business posted $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, equities research analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, August 5th. IDACORP's payout ratio is presently 60.56%.

Institutional Investors Weigh In On IDACORP

A number of institutional investors have recently modified their holdings of the business. Wellington Management Group LLP boosted its position in shares of IDACORP by 3.2% in the first quarter. Wellington Management Group LLP now owns 3,536,138 shares of the energy company's stock valued at $410,970,000 after acquiring an additional 111,182 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in IDACORP by 10.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock worth $245,243,000 after purchasing an additional 200,465 shares during the period. State Street Corp lifted its position in IDACORP by 6.3% during the second quarter. State Street Corp now owns 1,873,225 shares of the energy company's stock worth $216,264,000 after purchasing an additional 110,885 shares during the period. Alliancebernstein L.P. lifted its position in IDACORP by 1.0% during the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company's stock worth $162,190,000 after purchasing an additional 13,283 shares during the period. Finally, Jennison Associates LLC lifted its position in IDACORP by 115.3% during the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company's stock worth $152,816,000 after purchasing an additional 708,989 shares during the period. Institutional investors own 89.10% of the company's stock.

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.

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