IDACORP, Inc. (NYSE:IDA) Given Consensus Rating of “Hold” by Analysts

Shares of IDACORP, Inc. (NYSE:IDA) have been assigned a consensus rating of “Hold” from the six brokerages that are covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $111.00.

IDA has been the topic of a number of recent research reports. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Morgan Stanley raised their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Finally, Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective for the company.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new position in shares of IDACORP in the 3rd quarter worth $25,000. V Square Quantitative Management LLC bought a new position in IDACORP in the third quarter valued at $26,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP in the 2nd quarter worth about $35,000. Avior Wealth Management LLC grew its stake in shares of IDACORP by 35.9% during the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after buying an additional 117 shares during the last quarter. Finally, Eastern Bank purchased a new position in shares of IDACORP in the third quarter worth about $52,000. 89.10% of the stock is currently owned by institutional investors.

IDACORP Trading Up 0.3 %

Shares of IDA stock opened at $110.45 on Friday. The stock has a 50-day moving average of $112.01 and a 200-day moving average of $103.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 2.51 and a beta of 0.64. IDACORP has a 1-year low of $86.43 and a 1-year high of $120.42.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same quarter in the previous year, the business posted $2.07 earnings per share. On average, equities research analysts forecast that IDACORP will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were issued a dividend of $0.86 per share. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.11%. IDACORP’s payout ratio is presently 63.82%.

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.