Zacks: IDACORP, Inc. (NYSE:IDA) Given $85.50 Consensus Price Target by Analysts
IDACORP, Inc. (NYSE:IDA) has earned a consensus broker rating score of 3.00 (Hold) from the four brokers that cover the company, Zacks Investment Research reports. Four research analysts have rated the stock with a hold rating.
Brokers have set a one year consensus price target of $85.50 for the company and are anticipating that the company will post $1.06 earnings per share for the current quarter, according to Zacks. Zacks has also assigned IDACORP an industry rank of 89 out of 265 based on the ratings given to its competitors.
A number of analysts have recently weighed in on IDA shares. Zacks Investment Research raised shares of IDACORP from a “hold” rating to a “buy” rating and set a $97.00 price target for the company in a report on Thursday, July 27th. BidaskClub downgraded shares of IDACORP from a “buy” rating to a “hold” rating in a report on Friday, June 30th.
In related news, VP Lisa A. Grow sold 1,200 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $88.62, for a total value of $106,344.00. Following the completion of the transaction, the vice president now owns 17,248 shares of the company’s stock, valued at approximately $1,528,517.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.71% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of IDA. Comerica Bank increased its position in shares of IDACORP by 0.9% in the second quarter. Comerica Bank now owns 39,549 shares of the coal producer’s stock valued at $3,432,000 after buying an additional 354 shares during the last quarter. Legal & General Group Plc increased its position in shares of IDACORP by 6.2% in the second quarter. Legal & General Group Plc now owns 191,724 shares of the coal producer’s stock valued at $16,367,000 after buying an additional 11,133 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of IDACORP by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 746,349 shares of the coal producer’s stock valued at $63,703,000 after buying an additional 5,646 shares during the last quarter. SG Americas Securities LLC increased its position in shares of IDACORP by 183.1% in the second quarter. SG Americas Securities LLC now owns 19,252 shares of the coal producer’s stock valued at $1,643,000 after buying an additional 12,451 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of IDACORP by 1.8% in the second quarter. Teacher Retirement System of Texas now owns 4,035 shares of the coal producer’s stock valued at $344,000 after buying an additional 73 shares during the period. 78.48% of the stock is owned by institutional investors and hedge funds.
IDACORP (IDA) traded down 0.03% during mid-day trading on Friday, hitting $86.67. 226,350 shares of the stock traded hands. The firm has a market cap of $4.37 billion, a P/E ratio of 21.19 and a beta of 0.51. IDACORP has a 52 week low of $72.93 and a 52 week high of $90.67. The firm’s 50-day moving average price is $86.40 and its 200-day moving average price is $83.79.
IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 3rd. The coal producer reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by $0.07. IDACORP had a return on equity of 9.60% and a net margin of 16.02%. During the same quarter in the prior year, the company posted $1.12 EPS. On average, equities analysts forecast that IDACORP will post $4.00 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 30th. Investors of record on Tuesday, August 8th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Friday, August 4th. IDACORP’s payout ratio is 53.79%.
IDACORP Company Profile
IDACORP, Inc is a holding company. The Company’s principal operating subsidiary is Idaho Power Company (Idaho Power). The Company’s segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity.
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