IDACORP (NYSE:IDA) Price Target Raised to $163.00

IDACORP (NYSE:IDA) had its price objective increased by Barclays from $149.00 to $163.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

A number of other analysts also recently commented on IDA. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research note on Friday, October 30th. BTIG Research reiterated a “buy” rating and set a $155.00 price target on shares of IDACORP in a research report on Monday. Wells Fargo & Company lifted their price target on IDACORP from $154.00 to $155.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Wall Street Zen downgraded IDACORP from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Finally, Morgan Stanley upped their price objective on IDACORP from $143.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 21st. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, IDACORP presently has an average rating of “Moderate Buy” and a consensus target price of $152.29.

IDACORP Stock Down 0.1%

NYSE:IDA opened at $147.39 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 0.94. The company’s fifty day moving average price is $136.17 and its 200-day moving average price is $140.98. IDACORP has a 1-year low of $124.12 and a 1-year high of $154.91. The firm has a market capitalization of $8.68 billion, a P/E ratio of 22.64, a PEG ratio of 2.54 and a beta of 0.47.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.22. IDACORP had a net margin of 19.84% and a return on equity of 9.92%. The company had revenue of $608.04 million during the quarter, compared to the consensus estimate of $603.00 million. During the same period in the previous year, the firm posted $2.26 earnings per share. As a group, equities research analysts anticipate that IDACORP will post 6.41 EPS for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Thursday, November 5th will be paid a $0.90 dividend. The ex-dividend date is Thursday, November 5th. This represents a $3.60 annualized dividend and a dividend yield of 2.4%. This is a boost from IDACORP’s previous quarterly dividend of $0.88. IDACORP’s dividend payout ratio (DPR) is presently 54.07%.

Hedge Funds Weigh In On IDACORP

Hedge funds have recently bought and sold shares of the business. Robertson Stephens Wealth Management LLC boosted its position in shares of IDACORP by 3.9% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 1,988 shares of the energy company’s stock worth $260,000 after purchasing an additional 75 shares during the period. Keybank National Association OH raised its position in IDACORP by 0.4% in the third quarter. Keybank National Association OH now owns 20,840 shares of the energy company’s stock valued at $2,724,000 after purchasing an additional 77 shares during the period. Quadrant Capital Group LLC raised its position in IDACORP by 1.4% in the third quarter. Quadrant Capital Group LLC now owns 5,921 shares of the energy company’s stock valued at $811,000 after purchasing an additional 82 shares during the period. Sanctuary Advisors LLC lifted its stake in IDACORP by 1.6% during the first quarter. Sanctuary Advisors LLC now owns 6,482 shares of the energy company’s stock worth $927,000 after purchasing an additional 103 shares in the last quarter. Finally, North Dakota State Investment Board lifted its stake in IDACORP by 7.3% during the third quarter. North Dakota State Investment Board now owns 1,720 shares of the energy company’s stock worth $225,000 after purchasing an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

About IDACORP

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.