IDACORP (NYSE:IDA) Price Target Raised to $122.00 at UBS Group

IDACORP (NYSE:IDA) had its price objective boosted by UBS Group from $117.00 to $122.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

IDA has been the topic of several other research reports. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Morgan Stanley upped their price target on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday. Jefferies Financial Group reduced their price target on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Finally, Bank of America boosted their price objective 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 analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $120.50.

IDACORP Price Performance

IDA stock opened at $114.32 on Friday. The stock has a market cap of $6.17 billion, a PE ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. IDACORP has a 12 month low of $88.70 and a 12 month high of $120.42. The company has a 50-day moving average price of $112.22 and a 200 day moving average price of $109.88. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.

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

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.01%. The ex-dividend date was Wednesday, February 5th. IDACORP’s payout ratio is 62.77%.

Institutional Investors Weigh In On IDACORP

Several large investors have recently modified their holdings of IDA. Natixis Advisors LLC increased its holdings in IDACORP by 6.9% during the third quarter. Natixis Advisors LLC now owns 56,648 shares of the energy company’s stock valued at $5,840,000 after buying an additional 3,649 shares during the period. Thrivent Financial for Lutherans increased its holdings in shares of IDACORP by 2.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 12,511 shares of the energy company’s stock valued at $1,290,000 after acquiring an additional 262 shares during the period. Pathstone Holdings LLC increased its holdings in shares of IDACORP by 18.1% in the 3rd quarter. Pathstone Holdings LLC now owns 26,296 shares of the energy company’s stock valued at $2,711,000 after acquiring an additional 4,023 shares during the period. Caprock Group LLC raised its position in shares of IDACORP by 7.7% in the 3rd quarter. Caprock Group LLC now owns 3,343 shares of the energy company’s stock worth $345,000 after acquiring an additional 239 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its stake in shares of IDACORP by 35.9% during the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after purchasing an additional 117 shares during 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.