IDACORP (NYSE:IDA) Hits New 1-Year High - What's Next?

Key Points

• IDACORP's share price reached a new **52-week high** of **$126.70** during trading on Wednesday, closing at **$126.36** with a trading volume of **204,259** shares.
• IDACORP announced a quarterly **dividend** of **$0.86**, representing a **2.7% yield**, with the ex-dividend date set for **August 5th**.

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $126.70 and last traded at $126.36, with a volume of 204259 shares trading hands. The stock had previously closed at $125.64.

Analyst Ratings Changes

A number of research firms have commented on IDA. Morgan Stanley set a $128.00 price target on IDACORP and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Guggenheim increased their price target on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Wells Fargo & Company increased their price objective on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. UBS Group reissued 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 raised IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

IDACORP Price Performance

The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $118.46 and a 200 day moving average price of $116.08. The firm has a market capitalization of $6.85 billion, a PE ratio of 22.34, a PEG ratio of 2.63 and a beta of 0.56.

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

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, August 5th. IDACORP's payout ratio is presently 60.56%.

Institutional Trading of IDACORP

Several hedge funds have recently made changes to their positions in IDA. Wellington Management Group LLP raised its position in 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 purchasing an additional 111,182 shares during the period. T. Rowe Price Investment Management Inc. grew its position in IDACORP by 10.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock valued at $245,243,000 after acquiring an additional 200,465 shares in the last quarter. Alliancebernstein L.P. grew its position in IDACORP by 0.9% in the 1st quarter. Alliancebernstein L.P. now owns 1,391,564 shares of the energy company's stock valued at $161,728,000 after acquiring an additional 12,156 shares in the last quarter. Jennison Associates LLC grew its position in IDACORP by 115.3% in the 2nd quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company's stock valued at $152,816,000 after acquiring an additional 708,989 shares in the last quarter. Finally, Reaves W H & Co. Inc. grew its position in IDACORP by 25.0% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company's stock valued at $145,034,000 after acquiring an additional 249,542 shares in the last quarter. Hedge funds and other 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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