IDACORP (NYSE:IDA) Reaches New 12-Month High – Here’s Why

IDACORP, Inc. (NYSE:IDA) shares hit a new 52-week high on Tuesday . The company traded as high as $145.66 and last traded at $145.5460, with a volume of 8616 shares trading hands. The stock had previously closed at $144.26.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IDA shares. Morgan Stanley dropped their price target on IDACORP from $146.00 to $145.00 and set an “overweight” rating for the company in a research note on Monday, February 2nd. Barclays assumed coverage on shares of IDACORP in a research report on Wednesday, January 14th. They set an “overweight” rating and a $144.00 price target on the stock. Wells Fargo & Company downgraded shares of IDACORP from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $129.00 to $118.00 in a research note on Tuesday, January 20th. Jefferies Financial Group lowered their price target on IDACORP from $152.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, January 28th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $156.00 target price on shares of IDACORP in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $137.67.

IDACORP Stock Performance

The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 2.80 and a beta of 0.59. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.95. The company has a 50 day moving average of $130.87 and a 200 day moving average of $129.55.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Thursday, February 5th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, February 5th. IDACORP’s dividend payout ratio is 60.48%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IDA. Morgan Stanley lifted its position in shares of IDACORP by 9.9% during the fourth quarter. Morgan Stanley now owns 2,103,940 shares of the energy company’s stock worth $266,275,000 after purchasing an additional 188,845 shares during the last quarter. State Street Corp lifted its holdings in IDACORP by 0.6% during the 4th quarter. State Street Corp now owns 1,887,948 shares of the energy company’s stock worth $238,939,000 after buying an additional 11,403 shares during the last quarter. Reaves W H & Co. Inc. grew its position in shares of IDACORP by 6.3% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company’s stock worth $228,797,000 after acquiring an additional 107,131 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of IDACORP by 8.3% in the 4th quarter. Jennison Associates LLC now owns 1,483,648 shares of the energy company’s stock valued at $187,770,000 after acquiring an additional 113,579 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of IDACORP by 1.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock valued at $162,190,000 after acquiring an additional 13,283 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.