IDACORP (NYSE:IDA) Hits New 12-Month High - Here's What Happened

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $121.52 and last traded at $121.16, with a volume of 174635 shares traded. The stock had previously closed at $120.18.

Analyst Ratings Changes

Several analysts recently issued reports on IDA shares. Guggenheim increased their price objective on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. Finally, Wells Fargo & Company upped their price objective on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, IDACORP currently has a consensus rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Stock Up 0.1%

The company has a market cap of $6.64 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 2.60 and a beta of 0.56. The company has a current ratio of 1.81, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03. The firm's 50 day moving average price is $116.31 and its 200-day moving average price is $114.54.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The business had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. During the same quarter last year, the firm earned $0.95 EPS. As a group, equities research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.80%. IDACORP's payout ratio is 61.10%.

Institutional Investors Weigh In On IDACORP

Institutional investors have recently bought and sold shares of the company. KBC Group NV grew its stake in shares of IDACORP by 21.2% in the first quarter. KBC Group NV now owns 2,350 shares of the energy company's stock valued at $273,000 after buying an additional 411 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of IDACORP by 20.8% in the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after buying an additional 127 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of IDACORP by 103.0% in the first quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock valued at $986,000 after buying an additional 4,305 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of IDACORP by 7.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock valued at $765,000 after buying an additional 456 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of IDACORP by 318.9% in the first quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company's stock valued at $163,000 after buying an additional 1,065 shares in the last quarter. Institutional investors 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.