IDACORP (NYSE:IDA) Reaches New 1-Year High – Here’s Why

Shares of IDACORP, Inc. (NYSE:IDA) hit a new 52-week high during trading on Friday . The company traded as high as $112.69 and last traded at $112.69, with a volume of 9453 shares. The stock had previously closed at $111.22.

Analysts Set New Price Targets

A number of analysts have recently issued reports on IDA shares. Wells Fargo & Company lifted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group started coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. Morgan Stanley raised their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st. Finally, Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $113.00 to $117.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, IDACORP presently has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Stock Performance

The company has a fifty day moving average of $103.59 and a 200 day moving average of $98.76. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market cap of $6.03 billion, a P/E ratio of 20.63, a PEG ratio of 3.59 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). The firm had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter last year, the company earned $2.07 EPS. On average, equities analysts predict that IDACORP, Inc. will post 5.38 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently announced 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 an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Tuesday, November 5th. IDACORP’s payout ratio is presently 61.60%.

Institutional Investors Weigh In On IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of IDA. V Square Quantitative Management LLC purchased a new position in IDACORP in the 3rd quarter worth about $26,000. Rise Advisors LLC boosted its holdings in shares of IDACORP by 65.8% in the second 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 period. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP in the second quarter worth approximately $35,000. Eastern Bank acquired a new stake in shares of IDACORP during the third quarter valued at approximately $52,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of IDACORP in the 2nd quarter valued at approximately $71,000. 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.