IDACORP (NYSE:IDA) Price Target Raised to $106.00 at Wells Fargo & Company

IDACORP (NYSE:IDA) had its price target increased by Wells Fargo & Company from $98.00 to $106.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

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

IDACORP Trading Up 1.2 %

Shares of IDACORP stock traded up $1.22 during trading on Friday, reaching $101.91. The company’s stock had a trading volume of 177,122 shares, compared to its average volume of 364,708. IDACORP has a 52-week low of $86.43 and a 52-week high of $104.43. The company has a market cap of $5.43 billion, a price-to-earnings ratio of 20.22 and a beta of 0.58. The firm’s 50-day moving average is $94.10 and its two-hundred day moving average is $92.90. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.38%. The company had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. During the same period in the prior year, the business posted $1.35 EPS. On average, sell-side analysts anticipate that IDACORP will post 5.37 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Monday, August 5th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $3.32 annualized dividend and a dividend yield of 3.26%. IDACORP’s payout ratio is 66.67%.

Insider Buying and Selling

In other news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s 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 is accessible through this hyperlink. 0.47% of the stock is owned by company insiders.

Hedge Funds Weigh In On IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of the company. Pitcairn Co. boosted its stake in shares of IDACORP by 2.4% during the 1st quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock worth $402,000 after acquiring an additional 103 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of IDACORP by 1.7% during the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after buying an additional 107 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake 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 valued at $68,000 after acquiring an additional 112 shares during the period. Fortem Financial Group LLC raised its stake in IDACORP by 1.2% during the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock worth $866,000 after acquiring an additional 112 shares during the period. Finally, Rise Advisors LLC raised its stake in 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 acquiring an additional 146 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

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.