IDACORP (NYSE:IDA) Sets New 1-Year High – Time to Buy?

Shares of IDACORP, Inc. (NYSE:IDA) reached a new 52-week high during trading on Thursday . The stock traded as high as $120.72 and last traded at $120.22, with a volume of 112032 shares trading hands. The stock had previously closed at $119.08.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IDA. Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their target price on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. UBS Group increased their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Bank of America boosted their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $120.50.

IDACORP Trading Up 0.6 %

The firm has a market cap of $6.47 billion, a P/E ratio of 21.87, a PEG ratio of 2.32 and a beta of 0.59. The firm’s fifty day moving average is $113.26 and its two-hundred day moving average is $110.49. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The company had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. Analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio is presently 62.77%.

Institutional Trading of IDACORP

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of IDACORP by 43.3% in the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock valued at $374,279,000 after purchasing an additional 1,035,133 shares during the period. Reaves W H & Co. Inc. raised its stake in shares of IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after buying an additional 429,276 shares during the period. Raymond James Financial Inc. purchased a new position in IDACORP during the fourth quarter valued at $37,104,000. Ameriprise Financial Inc. boosted its holdings in IDACORP by 596.7% in the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock worth $41,451,000 after buying an additional 324,866 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after purchasing an additional 166,864 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

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.