Wells Fargo & Company Boosts IDACORP (NYSE:IDA) Price Target to $98.00

IDACORP (NYSE:IDA) had its price target lifted by Wells Fargo & Company from $94.00 to $98.00 in a report published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the energy company’s stock.

Several other research firms have also recently weighed in on IDA. Morgan Stanley upped their price target on shares of IDACORP from $92.00 to $95.00 and gave the company an equal weight rating in a report on Thursday, March 21st. Guggenheim downgraded IDACORP from a buy rating to a neutral rating and set a $93.00 price objective for the company. in a report on Monday, January 22nd. Mizuho cut their price objective on shares of IDACORP from $99.00 to $88.00 and set a neutral rating on the stock in a research report on Tuesday, March 5th. TheStreet cut shares of IDACORP from a b- rating to a c+ rating in a report on Thursday, February 15th. Finally, StockNews.com upgraded shares of IDACORP to a sell rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $94.60.

IDACORP Trading Down 0.1 %

IDA stock traded down $0.14 during midday trading on Friday, hitting $96.06. 163,019 shares of the company’s stock were exchanged, compared to its average volume of 375,160. IDACORP has a one year low of $86.43 and a one year high of $111.26. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54. The company has a market cap of $4.87 billion, a PE ratio of 19.32 and a beta of 0.55. The stock’s fifty day moving average price is $91.46 and its 200-day moving average price is $93.96.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.71% and a net margin of 14.18%. The business had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. During the same period in the prior year, the business earned $1.11 EPS. Research analysts predict that IDACORP will post 5.32 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 6th will be paid a $0.83 dividend. The ex-dividend date is Friday, May 3rd. This represents a $3.32 annualized dividend and a dividend yield of 3.46%. IDACORP’s dividend payout ratio is presently 66.67%.

Institutional Trading of IDACORP

Several institutional investors and hedge funds have recently added to or reduced their stakes in IDA. Wellington Management Group LLP increased its stake in shares of IDACORP by 50.3% during the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after purchasing an additional 546,818 shares during the last quarter. Victory Capital Management Inc. increased its position in IDACORP by 29.7% during the fourth quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock worth $117,477,000 after buying an additional 273,560 shares during the last quarter. American Trust raised its stake in IDACORP by 13.7% in the third quarter. American Trust now owns 828,208 shares of the energy company’s stock valued at $77,562,000 after buying an additional 100,016 shares during the period. First Trust Advisors LP lifted its position in shares of IDACORP by 0.9% in the fourth quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock valued at $74,883,000 after buying an additional 7,008 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of IDACORP by 10.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 649,195 shares of the energy company’s stock valued at $63,829,000 after buying an additional 61,546 shares during the last quarter. 89.10% of the stock is owned by institutional investors.

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.