IDACORP (NYSE:IDA) Raised to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of IDACORP (NYSE:IDA) from a hold rating to a buy rating in a report released on Wednesday morning, Marketbeat reports.

IDA has been the subject of several other research reports. Bank of America increased their price objective on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, March 3rd. UBS Group lifted their price target on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Morgan Stanley lifted their target price on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $120.50.

IDACORP Stock Down 4.4 %

Shares of NYSE:IDA opened at $114.47 on Wednesday. The business’s 50 day moving average is $113.59 and its 200 day moving average is $110.63. IDACORP has a 12-month low of $88.70 and a 12-month high of $120.84. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 2.32 and a beta of 0.59. 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 posted its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. On average, sell-side analysts forecast that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its holdings in IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after acquiring an additional 120 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in IDACORP during the third quarter worth about $25,000. Versant Capital Management Inc increased its stake in shares of IDACORP by 2,150.0% in the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares in the last quarter. Independence Bank of Kentucky raised its position in shares of IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after purchasing an additional 225 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of IDACORP during the 3rd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Company Profile

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.