Morgan Stanley Cuts IDACORP (NYSE:IDA) Price Target to $145.00

IDACORP (NYSE:IDA) had its price target decreased by Morgan Stanley from $146.00 to $145.00 in a report released on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the energy company’s stock.

A number of other research analysts have also issued reports on IDA. Wells Fargo & Company lowered IDACORP from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $129.00 to $118.00 in a report on Tuesday, January 20th. Wall Street Zen cut shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Monday, January 26th. UBS Group cut their price objective on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a report on Thursday, January 22nd. Finally, BTIG Research reissued a “buy” rating and set a $156.00 price target on shares of IDACORP in a report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $137.67.

IDACORP Price Performance

Shares of NYSE:IDA opened at $133.82 on Monday. IDACORP has a one year low of $108.15 and a one year high of $138.03. The stock has a market capitalization of $7.23 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.60 and a beta of 0.59. The company has a 50-day simple moving average of $129.19 and a 200-day simple moving average of $128.60. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 1.09.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Thursday, February 5th will be paid a $0.88 dividend. The ex-dividend date is Thursday, February 5th. This represents a $3.52 annualized dividend and a dividend yield of 2.6%. IDACORP’s dividend payout ratio (DPR) is 60.48%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Jennison Associates LLC grew its holdings in IDACORP by 115.3% in the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock valued at $152,816,000 after purchasing an additional 708,989 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in shares of IDACORP by 3,215.7% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 604,451 shares of the energy company’s stock worth $69,784,000 after buying an additional 586,221 shares in the last quarter. Zimmer Partners LP acquired a new stake in IDACORP in the 3rd quarter valued at about $71,031,000. Soros Fund Management LLC acquired a new stake in IDACORP in the 2nd quarter valued at about $46,919,000. Finally, Invesco Ltd. increased its holdings in IDACORP by 139.4% during the 3rd quarter. Invesco Ltd. now owns 591,812 shares of the energy company’s stock valued at $78,208,000 after acquiring an additional 344,622 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.