IDACORP, Inc. (NYSE:IDA) Receives Consensus Rating of “Moderate Buy” from Analysts

IDACORP, Inc. (NYSE:IDA) has earned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $138.1111.

IDA has been the subject of several research reports. UBS Group reduced their target price on IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Mizuho lifted their price target on IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Barclays assumed coverage on IDACORP in a report on Wednesday, January 14th. They issued an “overweight” rating and a $144.00 price objective for the company. BTIG Research raised shares of IDACORP to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Wells Fargo & Company downgraded shares of IDACORP from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $129.00 to $118.00 in a research report on Tuesday.

IDACORP Trading Down 1.3%

NYSE IDA opened at $132.02 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.09 and a quick ratio of 0.82. The firm’s fifty day moving average price is $128.45 and its 200 day moving average price is $127.79. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of 22.68, a price-to-earnings-growth ratio of 2.57 and a beta of 0.61. IDACORP has a 12 month low of $107.64 and a 12 month high of $138.03.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.03. IDACORP had a net margin of 17.59% and a return on equity of 9.35%. The firm had revenue of $524.42 million during the quarter, compared to analysts’ expectations of $663.09 million. During the same period in the previous year, the company earned $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, sell-side analysts expect that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Thursday, February 5th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, February 5th. IDACORP’s dividend payout ratio is presently 60.48%.

Hedge Funds Weigh In On IDACORP

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its holdings in IDACORP by 6.3% during the second quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after buying an additional 110,885 shares during the last quarter. Reaves W H & Co. Inc. raised its position in shares of IDACORP by 8.5% during the third quarter. Reaves W H & Co. Inc. now owns 1,700,680 shares of the energy company’s stock worth $224,745,000 after purchasing an additional 133,836 shares during the period. Alliancebernstein L.P. raised its position in shares of IDACORP by 1.0% during the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock worth $162,190,000 after purchasing an additional 13,283 shares during the period. Jennison Associates LLC lifted its holdings in shares of IDACORP by 3.5% during the 3rd quarter. Jennison Associates LLC now owns 1,370,069 shares of the energy company’s stock valued at $181,055,000 after purchasing an additional 46,413 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of IDACORP by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,021,027 shares of the energy company’s stock valued at $117,905,000 after purchasing an additional 15,223 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.