IDACORP (NYSE:IDA) Sets New 12-Month High – Time to Buy?

Shares of IDACORP, Inc. (NYSE:IDA) reached a new 52-week high on Friday . The company traded as high as $109.47 and last traded at $108.49, with a volume of 102049 shares trading hands. The stock had previously closed at $103.48.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IDA shares. Wells Fargo & Company upped their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Morgan Stanley upped 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. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the company from $102.00 to $116.00 in a report on Friday. Finally, Bank of America began coverage on IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target for the company. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.67.

IDACORP Price Performance

The company’s 50-day simple moving average is $102.81 and its 200-day simple moving average is $98.11. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 3.43 and a beta of 0.60. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

IDACORP (NYSE:IDA) last posted 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). The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the previous year, the business posted $2.07 earnings per share. Research analysts forecast that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.17%. IDACORP’s dividend payout ratio (DPR) is 62.17%.

Hedge Funds Weigh In On IDACORP

Several large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in shares of IDACORP in the third quarter valued at approximately $26,000. Rise Advisors LLC raised its stake in shares of IDACORP by 65.8% during the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of IDACORP during the second quarter worth $35,000. Eastern Bank bought a new stake in shares of IDACORP in the third quarter worth $52,000. Finally, 1620 Investment Advisors Inc. acquired a new stake in IDACORP in the second quarter valued at $71,000. 89.10% of the stock is currently owned by institutional investors.

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.