IDACORP (NYSE:IDA) PT Raised to $108.00 at Morgan Stanley

IDACORP (NYSE:IDA) had its target price lifted by Morgan Stanley from $102.00 to $108.00 in a research report sent to investors on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the energy company’s stock.

IDA has been the topic of several other research reports. Bank of America started coverage on IDACORP in a research note on Thursday, September 12th. They set a neutral rating and a $110.00 target price on the stock. Wells Fargo & Company lifted their price objective on shares of IDACORP from $98.00 to $106.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a hold rating and a $110.00 target price for the company. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to MarketBeat, IDACORP currently has a consensus rating of Hold and a consensus price target of $103.57.

IDACORP Stock Up 0.8 %

IDACORP stock opened at $103.22 on Wednesday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. IDACORP has a one year low of $86.43 and a one year high of $105.24. The company has a 50-day simple moving average of $101.64 and a 200-day simple moving average of $96.27. The firm has a market capitalization of $5.50 billion, a P/E ratio of 20.73, a P/E/G ratio of 3.46 and a beta of 0.60.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.37 by $0.34. The firm had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the prior year, the firm earned $1.35 EPS. As a group, equities analysts expect that IDACORP will post 5.39 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were paid a $0.83 dividend. The ex-dividend date was Monday, August 5th. This represents a $3.32 dividend on an annualized basis and a yield of 3.22%. IDACORP’s dividend payout ratio is currently 66.67%.

Institutional Investors Weigh In On IDACORP

A number of large investors have recently made changes to their positions in the company. Nuance Investments LLC acquired a new position in IDACORP during the first quarter valued at $86,962,000. Wellington Management Group LLP increased its holdings in shares of IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after purchasing an additional 546,818 shares during the period. Clean Energy Transition LLP purchased a new stake in shares of IDACORP in the second quarter worth approximately $49,103,000. Balyasny Asset Management L.P. boosted its holdings in shares of IDACORP by 128.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock worth $38,822,000 after purchasing an additional 221,777 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in IDACORP by 59.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock valued at $36,356,000 after purchasing an additional 145,316 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.