IDACORP (NYSE:IDA) Sees Large Volume Increase - Time to Buy?

IDACORP, Inc. (NYSE:IDA - Get Free Report) shares saw strong trading volume on Wednesday . 323,964 shares were traded during mid-day trading, a decline of 7% from the previous session's volume of 347,321 shares.The stock last traded at $116.44 and had previously closed at $117.56.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target 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 downgraded shares of IDACORP from a "hold" rating to a "sell" rating in a research report on Wednesday, April 30th. Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the stock an "equal weight" rating in a research report on Thursday, May 22nd. Bank of America increased their target price on shares of IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a research report on Monday, March 3rd. Finally, Guggenheim upped their price target on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, IDACORP has an average rating of "Hold" and an average price target of $123.14.

IDACORP Trading Down 1.8%

The business's 50-day moving average price is $115.93 and its two-hundred day moving average price is $113.91. The company has a market capitalization of $6.23 billion, a P/E ratio of 21.06, a PEG ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.03 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The business had revenue of $432.46 million for the quarter, compared to analysts' expectations of $442.24 million. During the same period in the previous year, the firm posted $0.95 EPS. As a group, analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Apollon Wealth Management LLC bought a new stake in shares of IDACORP during the 4th quarter worth approximately $213,000. Van ECK Associates Corp raised its stake in shares of IDACORP by 14.2% during the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company's stock valued at $1,809,000 after acquiring an additional 2,056 shares during the last quarter. Barclays PLC raised its stake in IDACORP by 90.9% during the third quarter. Barclays PLC now owns 27,184 shares of the energy company's stock worth $2,803,000 after buying an additional 12,944 shares during the last quarter. Empowered Funds LLC acquired a new position in IDACORP in the fourth quarter valued at $210,000. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in IDACORP by 2.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,641 shares of the energy company's stock valued at $616,000 after buying an additional 132 shares during the period. Institutional investors and hedge funds own 89.10% of the company's stock.

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.

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