IDACORP (NYSE:IDA) Price Target Raised to $127.00 at Bank of America

IDACORP (NYSE:IDA) had its price target raised by Bank of America from $119.00 to $127.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the energy company’s stock.

A number of other research firms have also weighed in on IDA. Jefferies Financial Group reduced their target price on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Morgan Stanley boosted their target price on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, IDACORP has an average rating of “Hold” and a consensus target price of $118.20.

IDACORP Trading Down 1.1 %

Shares of IDACORP stock opened at $113.78 on Monday. The firm has a market capitalization of $6.14 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 2.32 and a beta of 0.65. 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’s 50 day moving average is $110.72 and its 200 day moving average is $108.71. IDACORP has a 1 year low of $87.51 and a 1 year high of $120.42.

IDACORP (NYSE:IDA) last announced 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. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. Equities research analysts forecast that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were issued a $0.86 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.02%. IDACORP’s dividend payout ratio is currently 62.77%.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in IDACORP by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock valued at $660,786,000 after buying an additional 77,230 shares during the period. Wellington Management Group LLP boosted its position in IDACORP by 43.3% during the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after purchasing an additional 1,035,133 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after purchasing an additional 166,864 shares during the period. State Street Corp boosted its position in IDACORP by 5.5% during the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares during the period. Finally, Alliancebernstein L.P. boosted its position in IDACORP by 2.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,379,408 shares of the energy company’s stock worth $150,742,000 after purchasing an additional 29,094 shares during the period. Institutional investors own 89.10% of the company’s stock.

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.