IDACORP (NYSE:IDA) Hits New 52-Week High Following Better-Than-Expected Earnings

Key Points

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IDACORP, Inc. (NYSE:IDA - Get Free Report)'s share price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The company traded as high as $125.94 and last traded at $124.07, with a volume of 40019 shares. The stock had previously closed at $122.54.

The energy company reported $1.76 EPS for the quarter, meeting analysts' consensus estimates of $1.76. The company had revenue of $531.10 million for the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%. During the same quarter in the previous year, the business earned $1.71 earnings per share.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's payout ratio is presently 60.56%.

Analyst Ratings Changes

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

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently modified their holdings of IDA. Elite Financial Inc. bought a new stake in IDACORP in the first quarter valued at about $29,000. Caitong International Asset Management Co. Ltd increased its holdings in IDACORP by 621.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock valued at $31,000 after buying an additional 230 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in IDACORP in the second quarter valued at about $31,000. Opal Wealth Advisors LLC bought a new stake in IDACORP in the first quarter valued at about $34,000. Finally, Riverview Trust Co bought a new stake in IDACORP in the second quarter valued at about $42,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The stock has a market capitalization of $6.72 billion, a P/E ratio of 21.89, a price-to-earnings-growth ratio of 2.63 and a beta of 0.56. The company has a fifty day moving average of $117.33 and a two-hundred day moving average of $115.36.

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.