IDACORP (NYSE:IDA) Sets New 12-Month High - Time to Buy?

Key Points

• IDACORP's stock reached a new 52-week high of $128.63, reflecting positive market interest with a significant trading volume of 23,519 shares.
• Recent analyst reports show a consensus rating of "Moderate Buy" for IDACORP, with a price target range from $120.00 to $133.00.
• The company reported quarterly earnings of $1.76 per share, matching analysts' expectations and highlighted a strong revenue of $531.10 million, exceeding forecasts.

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $128.63 and last traded at $128.59, with a volume of 23519 shares changing hands. The stock had previously closed at $127.79.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IDA shares. UBS Group reaffirmed a "neutral" rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Morgan Stanley set a $133.00 price target on IDACORP and gave the stock an "outperform" rating in a research note on Thursday, August 21st. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $123.57.

IDACORP Price Performance

The company has a market cap of $6.93 billion, a P/E ratio of 22.60, a PEG ratio of 2.64 and a beta of 0.59. The company has a fifty day simple moving average of $124.69 and a 200-day simple moving average of $118.88. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12.

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

IDACORP Announces Dividend

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

Hedge Funds Weigh In On IDACORP

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in IDACORP during the 2nd quarter worth approximately $28,000. Elite Financial Inc. purchased a new position in shares of IDACORP during the 1st quarter valued at $29,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of IDACORP by 621.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock valued at $31,000 after acquiring an additional 230 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of IDACORP during the 2nd quarter valued at $31,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of IDACORP during the 1st quarter valued at $34,000. 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.

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