IDACORP (NYSE:IDA) Hits New 12-Month High - What's Next?

Key Points

• IDACORP shares reached a new 52-week high of $127.22 during trading, reflecting a positive market trend for the company.
• The company reported quarterly earnings of $1.76 EPS, meeting analyst expectations and showing an increase compared to the previous year.
• IDACORP has announced a quarterly dividend of $0.86 per share, representing a yield of 2.7% and a dividend payout ratio of 60.56%.

IDACORP, Inc. (NYSE:IDA - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $127.22 and last traded at $127.06, with a volume of 314153 shares changing hands. The stock had previously closed at $124.55.

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Guggenheim upped their target price on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, UBS Group reaffirmed a "neutral" rating and issued a $120.00 target price (up from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, IDACORP has an average rating of "Moderate Buy" and a consensus price target of $122.86.

IDACORP Stock Performance

The stock has a 50-day simple moving average of $120.26 and a 200-day simple moving average of $116.99. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 22.54, a price-to-earnings-growth ratio of 2.68 and a beta of 0.56. The company has a current ratio of 1.45, a quick ratio of 1.12 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 for the quarter, compared to analyst estimates of $478.14 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.During the same period in the prior year, the company posted $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share 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 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's dividend payout ratio is currently 60.56%.

Institutional Investors Weigh In On IDACORP

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its position in shares of IDACORP by 281.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,091 shares of the energy company's stock valued at $472,000 after acquiring an additional 3,018 shares in the last quarter. Westwood Holdings Group Inc. raised its position in shares of IDACORP by 10.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 321,537 shares of the energy company's stock valued at $37,121,000 after acquiring an additional 31,204 shares in the last quarter. Evergreen Capital Management LLC raised its position in shares of IDACORP by 4.9% during the 2nd quarter. Evergreen Capital Management LLC now owns 2,541 shares of the energy company's stock valued at $293,000 after acquiring an additional 119 shares in the last quarter. Headlands Technologies LLC grew its stake in IDACORP by 892.1% during the 2nd quarter. Headlands Technologies LLC now owns 754 shares of the energy company's stock worth $87,000 after buying an additional 678 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in IDACORP by 10.9% in the second quarter. Corient Private Wealth LLC now owns 5,749 shares of the energy company's stock worth $666,000 after buying an additional 563 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

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.