Brokerages Set IDACORP, Inc. (NYSE:IDA) Price Target at $111.00

Shares of IDACORP, Inc. (NYSE:IDA) have been given a consensus rating of “Hold” by the six ratings firms that are currently covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $111.00.

A number of research firms have issued reports on IDA. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Wells Fargo & Company boosted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and raised their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley boosted their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock.

Hedge Funds Weigh In On IDACORP

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in IDACORP in the third quarter valued at about $25,000. V Square Quantitative Management LLC purchased a new position in shares of IDACORP during the 3rd quarter valued at approximately $26,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP during the second quarter worth approximately $35,000. Avior Wealth Management LLC increased its stake in shares of IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after buying an additional 117 shares during the last quarter. Finally, Eastern Bank acquired a new stake in IDACORP in the third quarter valued at $52,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Down 0.3 %

Shares of NYSE:IDA opened at $109.72 on Friday. IDACORP has a 12-month low of $86.43 and a 12-month high of $120.42. The stock’s 50-day moving average price is $112.23 and its two-hundred day moving average price is $103.59. 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 firm has a market cap of $5.84 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.51 and a beta of 0.64.

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

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were paid a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 annualized dividend and a yield of 3.14%. IDACORP’s payout ratio is 63.82%.

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.