ValuEngine Upgrades IDACORP, Inc. (IDA) to Buy

ValuEngine upgraded shares of IDACORP, Inc. (NYSE:IDA) from a hold rating to a buy rating in a research report sent to investors on Thursday, November 9th.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of IDACORP from a hold rating to a buy rating and set a $97.00 price objective on the stock in a research note on Thursday, July 27th. KeyCorp reiterated a hold rating on shares of IDACORP in a research note on Friday, September 1st. Finally, BidaskClub upgraded shares of IDACORP from a sell rating to a hold rating in a research note on Friday, August 25th.

IDACORP (NYSE:IDA) traded up $0.04 during mid-day trading on Thursday, hitting $97.64. 224,700 shares of the company’s stock were exchanged, compared to its average volume of 189,114. IDACORP has a 12-month low of $75.03 and a 12-month high of $98.43. The stock has a market capitalization of $4,918.36, a PE ratio of 23.75, a price-to-earnings-growth ratio of 5.26 and a beta of 0.53. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.03 and a quick ratio of 1.53.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, November 2nd. The coal producer reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.66 by $0.14. The firm had revenue of $408.32 million for the quarter. IDACORP had a net margin of 15.46% and a return on equity of 9.44%. During the same quarter in the previous year, the firm posted $1.65 EPS. research analysts expect that IDACORP will post 4.12 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Monday, November 6th will be given a $0.59 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.55. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, November 3rd. IDACORP’s dividend payout ratio is presently 57.42%.

Several institutional investors and hedge funds have recently bought and sold shares of IDA. OppenheimerFunds Inc. boosted its position in shares of IDACORP by 44.6% in the first quarter. OppenheimerFunds Inc. now owns 4,770 shares of the coal producer’s stock worth $395,000 after purchasing an additional 1,472 shares during the period. Teachers Advisors LLC boosted its position in shares of IDACORP by 3.1% during the first quarter. Teachers Advisors LLC now owns 85,937 shares of the coal producer’s stock worth $7,129,000 after acquiring an additional 2,572 shares during the last quarter. Thrivent Financial For Lutherans boosted its position in shares of IDACORP by 10.1% during the first quarter. Thrivent Financial For Lutherans now owns 9,470 shares of the coal producer’s stock worth $786,000 after acquiring an additional 870 shares during the last quarter. Bank of America Corp DE boosted its position in shares of IDACORP by 10.0% during the first quarter. Bank of America Corp DE now owns 97,443 shares of the coal producer’s stock worth $8,083,000 after acquiring an additional 8,888 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its position in shares of IDACORP by 1.6% during the second quarter. Capstone Asset Management Co. now owns 3,872 shares of the coal producer’s stock worth $330,000 after acquiring an additional 60 shares during the last quarter. Institutional investors and hedge funds own 75.60% of the company’s stock.

About IDACORP

IDACORP, Inc is a holding company. The Company’s principal operating subsidiary is Idaho Power Company (Idaho Power). The Company’s segment is utility operations. The utility operations segment’s primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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