IDACORP (NYSE:IDA) Reaches New 52-Week High Following Strong Earnings

IDACORP, Inc. (NYSE:IDA) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $102.99 and last traded at $102.31, with a volume of 574779 shares changing hands. The stock had previously closed at $97.75.

The energy company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.38%. During the same period last year, the company posted $1.35 earnings per share.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Monday, August 5th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.32 annualized dividend and a yield of 3.19%. IDACORP’s dividend payout ratio (DPR) is 66.67%.

Wall Street Analysts Forecast Growth

IDA has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Morgan Stanley reduced their price objective on IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research note on Monday, June 24th. Wells Fargo & Company upped their target price on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Mizuho lifted their target price on shares of IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to MarketBeat, IDACORP has an average rating of “Hold” and a consensus price target of $98.00.

Insider Buying and Selling

In related news, VP James Bo D. Hanchey sold 1,500 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total value of $142,635.00. Following the completion of the sale, the vice president now owns 1,650 shares of the company’s stock, valued at $156,898.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.47% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IDACORP

Several hedge funds and other institutional investors have recently bought and sold shares of IDA. Rise Advisors LLC grew its holdings in shares of IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares during the period. Mather Group LLC. purchased a new stake in shares of IDACORP in the 1st quarter valued at approximately $41,000. Northwest Financial Advisors acquired a new position in shares of IDACORP in the 4th quarter worth approximately $52,000. Kapitalo Investimentos Ltda acquired a new position in shares of IDACORP in the 4th quarter worth approximately $54,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of IDACORP by 19.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after purchasing an additional 112 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

IDACORP Price Performance

The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95. The company’s fifty day moving average is $94.00 and its two-hundred day moving average is $92.86. The stock has a market cap of $5.54 billion, a price-to-earnings ratio of 20.91 and a beta of 0.58.

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.