IDACORP Inc (NYSE:IDA) Receives Consensus Recommendation of “Hold” from Brokerages

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IDACORP Inc (NYSE:IDA) has been assigned an average recommendation of “Hold” from the five analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $108.67.

Several analysts have recently weighed in on IDA shares. ValuEngine cut shares of IDACORP from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Sidoti began coverage on shares of IDACORP in a research report on Friday, September 27th. They set a “neutral” rating and a $114.00 price target on the stock. Bank of America upgraded IDACORP from an “underperform” rating to a “neutral” rating in a report on Monday, November 4th. Finally, Williams Capital upgraded IDACORP from a “sell” rating to a “hold” rating and increased their price objective for the stock from $90.00 to $104.00 in a research report on Friday, November 1st.

Shares of NYSE:IDA traded up $0.27 during midday trading on Friday, hitting $104.37. The company’s stock had a trading volume of 4,695 shares, compared to its average volume of 320,327. The company has a market cap of $5.29 billion, a P/E ratio of 23.23, a price-to-earnings-growth ratio of 6.12 and a beta of 0.17. IDACORP has a 12-month low of $89.31 and a 12-month high of $114.01. The business’s 50 day simple moving average is $106.26 and its 200 day simple moving average is $105.97. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.67 and a current ratio of 2.08.

IDACORP (NYSE:IDA) last issued its earnings results 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 analyst estimates of $396.28 million. During the same quarter in the prior year, the firm earned $2.02 earnings per share. On average, sell-side analysts predict that IDACORP will post 4.46 earnings per share for the current fiscal year.

The firm also recently disclosed 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 dividend yield of 2.57%. This is an increase from IDACORP’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Monday, November 4th. IDACORP’s dividend payout ratio (DPR) is presently 59.69%.

A number of institutional investors and hedge funds have recently modified their holdings of IDA. Parnassus Investments CA acquired a new position in shares of IDACORP in the 3rd quarter worth approximately $96,836,000. First Trust Advisors LP lifted its position in shares of IDACORP by 89.4% during the third quarter. First Trust Advisors LP now owns 634,727 shares of the coal producer’s stock worth $71,515,000 after purchasing an additional 299,636 shares in the last quarter. Millennium Management LLC boosted its stake 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 valued at $33,885,000 after purchasing an additional 266,543 shares during the period. Invesco Ltd. boosted its stake in shares of IDACORP by 60.0% in the second quarter. Invesco Ltd. now owns 707,014 shares of the coal producer’s stock valued at $71,005,000 after purchasing an additional 265,038 shares during the period. Finally, Man Group plc boosted its stake in shares of IDACORP by 97.9% in the second quarter. Man Group plc now owns 372,538 shares of the coal producer’s stock valued at $37,415,000 after purchasing an additional 184,306 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

About IDACORP

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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