IDACORP, Inc. (NYSE:IDA) Receives $116.20 Average PT from Analysts

Shares of IDACORP, Inc. (NYSE:IDA) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $116.20.

IDA has been the topic of a number of research analyst reports. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and raised their target price for the company from $102.00 to $116.00 in a report on Friday, November 1st. Morgan Stanley raised their price objective on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Jefferies Financial Group reduced their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Bank of America upgraded 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 research report on Tuesday, November 5th. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently modified their holdings of IDA. Wellington Management Group LLP lifted its position in shares of IDACORP by 43.3% during the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after buying an additional 1,035,133 shares during the period. Reaves W H & Co. Inc. lifted its position in shares of IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after buying an additional 429,276 shares during the period. Raymond James Financial Inc. bought a new position in shares of IDACORP during the 4th quarter worth approximately $37,104,000. T. Rowe Price Investment Management Inc. lifted its position in shares of IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after buying an additional 166,864 shares during the period. Finally, State Street Corp raised its position in IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after purchasing an additional 86,642 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Performance

IDA opened at $109.70 on Friday. The firm has a market capitalization of $5.84 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.28 and a beta of 0.65. The stock’s 50 day moving average price is $110.03 and its two-hundred day moving average price is $107.58. 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 has a 12-month low of $86.47 and a 12-month high of $120.42.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Wednesday, February 5th will be given a dividend of $0.86 per share. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.14%. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

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.