Morgan Stanley Issues Positive Forecast for IDACORP (NYSE:IDA) Stock Price

IDACORP (NYSE:IDA) had its target price raised by Morgan Stanley from $126.00 to $131.00 in a report released on Thursday,Benzinga reports. They currently have an equal weight rating on the energy company’s stock.

Several other research firms have also weighed in on IDA. Bank of America raised their target price on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Jefferies Financial Group cut their price target on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Finally, Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $120.20.

IDACORP Price Performance

Shares of NYSE IDA opened at $116.24 on Thursday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. IDACORP has a twelve month low of $88.70 and a twelve month high of $120.42. The business has a 50 day simple moving average of $112.07 and a 200-day simple moving average of $109.71.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, equities research analysts expect that IDACORP will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.96%. IDACORP’s dividend payout ratio is presently 62.77%.

Institutional Trading of IDACORP

Several large investors have recently added to or reduced their stakes in IDA. MassMutual Private Wealth & Trust FSB grew its stake in shares of IDACORP by 98.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after purchasing an additional 120 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in IDACORP in the third quarter worth about $25,000. Versant Capital Management Inc grew its position in IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after buying an additional 301 shares in the last quarter. Independence Bank of Kentucky increased its stake in IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after buying an additional 225 shares during the period. Finally, Avior Wealth Management LLC lifted its stake in shares of IDACORP by 35.9% in the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after acquiring an additional 117 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

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.