IDACORP Inc (NYSE:IDA) Given Consensus Recommendation of “Hold” by Brokerages
Shares of IDACORP Inc (NYSE:IDA) have received a consensus rating of “Hold” from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $108.67.
IDA has been the topic of a number of recent analyst reports. Williams Capital raised shares of IDACORP from a “sell” rating to a “hold” rating and increased their price target for the stock from $90.00 to $104.00 in a research note on Friday, November 1st. Sidoti assumed coverage on IDACORP in a report on Friday, September 27th. They set a “neutral” rating and a $114.00 price objective for the company. Bank of America raised IDACORP from an “underperform” rating to a “neutral” rating in a research report on Monday, November 4th. Finally, ValuEngine cut IDACORP from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.
Several hedge funds have recently modified their holdings of the company. Millennium Management LLC boosted its position in shares of IDACORP by 779.1% in the third quarter. Millennium Management LLC now owns 300,753 shares of the coal producer’s stock worth $33,885,000 after buying an additional 266,543 shares during the period. Squarepoint Ops LLC lifted its position in IDACORP by 53.3% during the 3rd quarter. Squarepoint Ops LLC now owns 115,275 shares of the coal producer’s stock worth $12,988,000 after acquiring an additional 40,091 shares in the last quarter. Coldstream Capital Management Inc. purchased a new position in IDACORP in the 3rd quarter worth approximately $273,000. Barclays PLC boosted its holdings in IDACORP by 41.0% in the 3rd quarter. Barclays PLC now owns 195,664 shares of the coal producer’s stock worth $22,044,000 after acquiring an additional 56,906 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in IDACORP in the 3rd quarter worth approximately $67,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, October 31st. The coal producer reported $1.78 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.93 by ($0.15). IDACORP had a return on equity of 8.79% and a net margin of 15.52%. The company had revenue of $386.32 million for the quarter, compared to analysts’ expectations of $396.28 million. During the same quarter in the previous year, the company earned $2.02 earnings per share. On average, equities analysts expect that IDACORP will post 4.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Monday, November 4th. This is an increase from IDACORP’s previous quarterly dividend of $0.63. IDACORP’s dividend payout ratio is 59.69%.
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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