IDACORP (NYSE:IDA) Sets New 52-Week High – Still a Buy?

Shares of IDACORP, Inc. (NYSE:IDA) hit a new 52-week high on Thursday . The company traded as high as $149.75 and last traded at $148.96, with a volume of 21562 shares trading hands. The stock had previously closed at $147.27.

Analyst Upgrades and Downgrades

IDA has been the subject of several research reports. Weiss Ratings raised shares of IDACORP from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Barclays raised their target price on shares of IDACORP from $159.00 to $167.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Wells Fargo & Company restated an “underweight” rating and set a $121.00 target price on shares of IDACORP in a report on Tuesday, April 21st. Wall Street Zen upgraded IDACORP from a “strong sell” rating to a “sell” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $152.00 price objective on shares of IDACORP in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.29.

IDACORP Trading Up 1.5%

The business has a fifty day moving average price of $143.14 and a two-hundred day moving average price of $138.52. The company has a current ratio of 1.21, a quick ratio of 0.95 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $8.42 billion, a PE ratio of 25.27, a PEG ratio of 2.98 and a beta of 0.49.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, April 30th. The energy company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.09. IDACORP had a net margin of 18.60% and a return on equity of 9.40%. The firm had revenue of $403.41 million for the quarter, compared to analyst estimates of $437.51 million. During the same period in the previous year, the firm earned $1.10 EPS. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. Analysts expect that IDACORP, Inc. will post 6.39 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 5th were paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, May 5th. IDACORP’s payout ratio is 58.57%.

Insider Activity at IDACORP

In related news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $140.95, for a total transaction of $211,425.00. Following the completion of the transaction, the vice president owned 2,138 shares of the company’s stock, valued at approximately $301,351.10. This trade represents a 41.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On IDACORP

Hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of IDACORP by 9.9% in the fourth quarter. Morgan Stanley now owns 2,103,940 shares of the energy company’s stock valued at $266,275,000 after acquiring an additional 188,845 shares in the last quarter. State Street Corp grew its stake in IDACORP by 0.6% during the 4th quarter. State Street Corp now owns 1,887,948 shares of the energy company’s stock worth $238,939,000 after purchasing an additional 11,403 shares in the last quarter. Reaves W H & Co. Inc. grew its stake in IDACORP by 6.3% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company’s stock worth $228,797,000 after purchasing an additional 107,131 shares in the last quarter. Jennison Associates LLC increased its holdings in IDACORP by 0.9% during the 1st quarter. Jennison Associates LLC now owns 1,497,342 shares of the energy company’s stock worth $214,075,000 after purchasing an additional 13,694 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in IDACORP by 1.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock worth $162,190,000 after purchasing an additional 13,283 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.