IDACORP (NYSE:IDA) Price Target Lowered to $93.00 at Morgan Stanley

IDACORP (NYSE:IDA) had its price objective trimmed by Morgan Stanley from $98.00 to $93.00 in a report published on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the energy company’s stock.

A number of other equities analysts have also weighed in on IDA. Mizuho upped their target price on shares of IDACORP from $88.00 to $99.00 and gave the stock a neutral rating in a research report on Thursday, May 16th. StockNews.com upgraded shares of IDACORP to a sell rating in a research report on Friday, April 26th. Finally, Wells Fargo & Company increased their price objective on shares of IDACORP from $94.00 to $98.00 and gave the company an equal weight rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $96.40.

IDACORP Stock Performance

IDA opened at $92.73 on Monday. The firm has a market cap of $4.94 billion, a P/E ratio of 18.62 and a beta of 0.57. IDACORP has a 1-year low of $86.43 and a 1-year high of $106.33. The company has a 50 day simple moving average of $94.54 and a two-hundred day simple moving average of $93.35. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.54 and a quick ratio of 1.19.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The company had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same quarter in the prior year, the company posted $1.11 EPS. Equities analysts forecast that IDACORP will post 5.36 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 6th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.58%. IDACORP’s dividend payout ratio (DPR) is currently 66.67%.

Insider Activity

In other news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total value of $142,635.00. Following the sale, the vice president now owns 1,650 shares of the company’s stock, valued at $156,898.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On IDACORP

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in shares of IDACORP in the first quarter valued at $41,000. Northwest Financial Advisors purchased a new stake in shares of IDACORP in the fourth quarter valued at $52,000. Kapitalo Investimentos Ltda purchased a new position in IDACORP in the 4th quarter worth about $54,000. EverSource Wealth Advisors LLC increased its stake in IDACORP by 19.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after buying an additional 112 shares during the period. Finally, CWM LLC increased its stake in IDACORP by 22.2% in the 4th quarter. CWM LLC now owns 992 shares of the energy company’s stock worth $98,000 after buying an additional 180 shares during the period. Hedge funds and other 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.