IDACORP (NYSE:IDA) Price Target Raised to $131.00

IDACORP (NYSE:IDA) had its price target raised by Morgan Stanley from $126.00 to $131.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

A number of other equities analysts have also recently weighed in on IDA. Bank of America lifted their price target on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Jefferies Financial Group cut their target price on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Finally, Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $120.20.

IDACORP Stock Down 0.4 %

NYSE IDA opened at $116.24 on Thursday. IDACORP has a 12 month low of $88.70 and a 12 month high of $120.42. The company has a market capitalization of $6.27 billion, a P/E ratio of 21.21, a PEG ratio of 2.32 and a beta of 0.59. The company’s 50 day simple moving average is $112.07 and its 200 day simple moving average is $109.71. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million for the quarter, compared to analysts’ expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Equities research analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.96%. IDACORP’s payout ratio is 62.77%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IDA. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of IDACORP by 98.4% during 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 during the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of IDACORP during the 3rd quarter worth $25,000. Versant Capital Management Inc lifted its stake in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after purchasing an additional 225 shares in the last quarter. Finally, Avior Wealth Management LLC increased its position in IDACORP by 35.9% during 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. 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.