IDACORP (NYSE:IDA) Price Target Raised to $144.00

IDACORP (NYSE:IDA) had its target price upped by Mizuho from $129.00 to $144.00 in a research report released on Monday, Marketbeat.com reports. The firm currently has an outperform rating on the energy company’s stock.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Morgan Stanley reissued an “outperform” rating and set a $141.00 target price on shares of IDACORP in a report on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Wednesday, October 8th. Jefferies Financial Group increased their target price on shares of IDACORP from $144.00 to $155.00 and gave the stock a “buy” rating in a report on Wednesday, October 22nd. Finally, UBS Group reissued a “neutral” rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, IDACORP has a consensus rating of “Moderate Buy” and a consensus price target of $137.38.

IDACORP Trading Down 1.0%

NYSE IDA opened at $133.63 on Monday. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 2.88 and a beta of 0.56. IDACORP has a 12 month low of $100.10 and a 12 month high of $138.03. The company’s fifty day moving average price is $129.82 and its two-hundred day moving average price is $122.24. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.76. The company had revenue of $531.10 million for the quarter, compared to analysts’ expectations of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same period in the prior year, the company earned $1.71 earnings per share. As a group, research analysts predict that IDACORP will post 5.81 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 1st. Investors of record on Wednesday, November 5th will be issued a $0.88 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Wednesday, November 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.6%. IDACORP’s dividend payout ratio is 60.56%.

Institutional Trading of IDACORP

A number of large investors have recently modified their holdings of the company. Principal Securities Inc. increased its holdings in shares of IDACORP by 2.1% in the 1st quarter. Principal Securities Inc. now owns 4,410 shares of the energy company’s stock worth $482,000 after acquiring an additional 92 shares during the period. Parkside Financial Bank & Trust increased its stake in IDACORP by 33.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 382 shares of the energy company’s stock valued at $44,000 after buying an additional 96 shares during the period. GAMMA Investing LLC increased its stake in IDACORP by 13.4% during the 2nd quarter. GAMMA Investing LLC now owns 836 shares of the energy company’s stock valued at $97,000 after buying an additional 99 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in IDACORP by 4.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company’s stock valued at $289,000 after buying an additional 100 shares during the period. Finally, State of Michigan Retirement System increased its stake in IDACORP by 0.8% during the 1st quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company’s stock valued at $1,478,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds 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.