IDACORP (NYSE:IDA) PT Lowered to $93.00 at Morgan Stanley

IDACORP (NYSE:IDA) had its price objective reduced by Morgan Stanley from $98.00 to $93.00 in a research report report published on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the energy company’s stock.

IDA has been the subject of a number of other research reports. Wells Fargo & Company raised their price target on shares of IDACORP from $94.00 to $98.00 and gave the stock an equal weight rating in a research note on Friday, May 3rd. StockNews.com raised IDACORP to a sell rating in a research note on Friday, April 26th. Finally, Mizuho increased their price objective on IDACORP from $88.00 to $99.00 and gave the stock a neutral rating in a research note on Thursday, May 16th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $96.40.

IDACORP Price Performance

Shares of IDA stock opened at $92.08 on Monday. IDACORP has a 12 month low of $86.43 and a 12 month high of $106.33. The company has a market capitalization of $4.90 billion, a P/E ratio of 18.49 and a beta of 0.57. The stock has a 50 day moving average of $94.53 and a two-hundred day moving average of $93.35. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The business had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. During the same quarter in the prior year, the firm earned $1.11 EPS. As a group, equities analysts expect that IDACORP will post 5.36 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.61%. The ex-dividend date of this dividend was Friday, May 3rd. IDACORP’s payout ratio is presently 66.67%.

Insider Activity at IDACORP

In other IDACORP news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total transaction of $142,635.00. Following the sale, the vice president now owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IDA. HighTower Advisors LLC boosted its holdings in IDACORP by 4.0% in the third quarter. HighTower Advisors LLC now owns 6,724 shares of the energy company’s stock valued at $627,000 after acquiring an additional 258 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in IDACORP during the third quarter valued at approximately $466,000. Envestnet Asset Management Inc. grew its holdings in IDACORP by 75.1% during the third quarter. Envestnet Asset Management Inc. now owns 143,295 shares of the energy company’s stock valued at $13,420,000 after purchasing an additional 61,439 shares during the period. Invesco Ltd. raised its holdings in IDACORP by 10.3% in the third quarter. Invesco Ltd. now owns 278,698 shares of the energy company’s stock worth $26,100,000 after purchasing an additional 26,068 shares during the period. Finally, Jacobi Capital Management LLC boosted its position in shares of IDACORP by 8.2% during the third quarter. Jacobi Capital Management LLC now owns 2,832 shares of the energy company’s stock worth $265,000 after purchasing an additional 214 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

About IDACORP

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.