IDACORP (NYSE:IDA) Share Price Passes Above Two Hundred Day Moving Average – Here’s Why

IDACORP, Inc. (NYSE:IDA)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $104.04 and traded as high as $110.28. IDACORP shares last traded at $109.28, with a volume of 197,901 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on IDA shares. Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $113.00 to $117.00 in a research report on Tuesday, November 5th. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, IDACORP has a consensus rating of “Hold” and an average price target of $111.00.

IDACORP Trading Up 0.8 %

The business’s 50-day moving average is $112.62 and its two-hundred day moving average is $104.07. 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 stock has a market capitalization of $5.83 billion, a PE ratio of 20.29, a PEG ratio of 2.51 and a beta of 0.64.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The firm had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter in the prior year, the business earned $2.07 EPS. On average, analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were paid a $0.86 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.15%. IDACORP’s payout ratio is 63.82%.

Institutional Investors Weigh In On IDACORP

Hedge funds have recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in shares of IDACORP during the 3rd quarter valued at approximately $25,000. V Square Quantitative Management LLC bought a new position in IDACORP during the 3rd quarter valued at $26,000. Versant Capital Management Inc increased its position in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP in the 2nd quarter valued at about $35,000. Finally, Avior Wealth Management LLC raised 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 valued at $46,000 after purchasing an additional 117 shares in the last quarter. Institutional investors and hedge funds 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.