IDACORP, Inc. (NYSE:IDA) Stock Has Consensus Price Target of $150.00

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned an average rating of “Moderate Buy” from the eight research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $150.29.

IDA has been the subject of a number of analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Friday. Wells Fargo & Company upped their price objective on shares of IDACORP from $154.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Barclays dropped their price objective on shares of IDACORP from $162.00 to $149.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Wall Street Zen cut IDACORP from a “hold” rating to a “sell” rating in a report on Saturday. Finally, BTIG Research reiterated a “buy” rating and issued a $155.00 price objective on shares of IDACORP in a research report on Monday.

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently modified their holdings of IDA. Entropy Technologies LP boosted its stake in IDACORP by 282.7% in the 1st quarter. Entropy Technologies LP now owns 24,273 shares of the energy company’s stock worth $3,470,000 after purchasing an additional 17,931 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of IDACORP during the second quarter worth about $2,690,000. PDT Partners LLC bought a new position in shares of IDACORP during the second quarter worth about $4,454,000. Mendon Capital Advisors Corp bought a new position in shares of IDACORP during the first quarter worth about $11,096,000. Finally, Tidal Investments LLC raised its position in IDACORP by 52.8% in the 2nd quarter. Tidal Investments LLC now owns 218,614 shares of the energy company’s stock valued at $33,076,000 after buying an additional 75,509 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Up 1.2%

IDA opened at $147.10 on Tuesday. The company has a market capitalization of $8.51 billion, a P/E ratio of 22.60, a P/E/G ratio of 2.42 and a beta of 0.48. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.75. The firm’s fifty day moving average price is $135.66 and its two-hundred day moving average price is $140.78. IDACORP has a fifty-two week low of $124.12 and a fifty-two week high of $154.91.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.22. IDACORP had a net margin of 18.78% and a return on equity of 9.34%. The business had revenue of $608.04 million for the quarter, compared to analysts’ expectations of $603.00 million. During the same quarter in the previous year, the firm posted $2.26 earnings per share. On average, analysts anticipate that IDACORP will post 6.41 EPS for the current year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Thursday, November 5th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $3.60 dividend on an annualized basis and a yield of 2.4%. This is an increase from IDACORP’s previous quarterly dividend of $0.88. IDACORP’s payout ratio is currently 54.07%.

IDACORP Company Profile

IDACORP, Inc is a holding company whose principal subsidiary, Idaho Power Company, is a regulated electric utility. Idaho Power generates, purchases, transmits, distributes and sells electricity to residential, commercial, industrial and agricultural customers.

Idaho Power serves customers across southern Idaho and eastern Oregon. Its power supply includes a substantial hydroelectric system, along with energy from thermal, wind, solar and other resources. The company also operates and maintains the transmission and distribution infrastructure needed to deliver electricity throughout its service area.

Idaho Power traces its history to 1916, when it was established to provide electric service in Idaho.