IDACORP (NYSE:IDA) Hits New 1-Year High – Here’s What Happened

IDACORP, Inc. (NYSE:IDA) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $120.72 and last traded at $120.22, with a volume of 112032 shares trading hands. The stock had previously closed at $119.08.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Jefferies Financial Group raised IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday. UBS Group upped their price objective on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Morgan Stanley increased their price objective on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Bank of America upped their price target on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $120.50.

IDACORP Price Performance

The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 20.89, a P/E/G ratio of 2.32 and a beta of 0.59. The company’s 50 day moving average is $113.59 and its 200 day moving average is $110.63. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The firm had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. On average, equities research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were issued a $0.86 dividend. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 3.01%. IDACORP’s dividend payout ratio is presently 62.77%.

Institutional Trading of IDACORP

Several large investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC bought a new stake in IDACORP during the third quarter worth about $25,000. MassMutual Private Wealth & Trust FSB raised its position in shares of IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after buying an additional 120 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after acquiring an additional 301 shares during the period. Independence Bank of Kentucky boosted its position in shares of IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after acquiring an additional 225 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new position in IDACORP in the fourth quarter valued at approximately $45,000. 89.10% of the stock is owned by institutional investors and hedge funds.

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.