IDACORP (NYSE:IDA) Reaches New 1-Year High – Still a Buy?

IDACORP, Inc. (NYSE:IDA)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $105.25 and last traded at $105.23, with a volume of 26962 shares traded. The stock had previously closed at $104.98.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Bank of America began coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, IDACORP has an average rating of “Hold” and an average target price of $104.83.

IDACORP Stock Performance

The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 3.38 and a beta of 0.60. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The company has a 50 day moving average of $102.74 and a 200 day moving average of $97.71.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same period in the prior year, the business posted $1.35 EPS. As a group, equities research analysts expect that IDACORP, Inc. will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.29%. The ex-dividend date is Tuesday, November 5th. IDACORP’s payout ratio is currently 69.08%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in shares of IDACORP during the 3rd quarter valued at approximately $26,000. Rise Advisors LLC lifted its position in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after buying an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of IDACORP in the 2nd quarter valued at about $35,000. Eastern Bank bought a new stake in shares of IDACORP during the 3rd quarter valued at about $52,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in IDACORP during the second quarter worth about $71,000. Institutional investors own 89.10% of the company’s stock.

About IDACORP

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.