IDACORP (NYSE:IDA) Hits New 12-Month High – Still a Buy?

IDACORP, Inc. (NYSE:IDA) reached a new 52-week high during trading on Friday . The stock traded as high as $154.90 and last traded at $154.6290, with a volume of 1551282 shares. The stock had previously closed at $150.12.

Analyst Upgrades and Downgrades

IDA has been the topic of several recent analyst reports. Mizuho set a $157.00 price target on IDACORP in a research note on Friday, May 1st. Morgan Stanley reiterated an “overweight” rating and issued a $152.00 price objective on shares of IDACORP in a research note on Wednesday, June 24th. Wells Fargo & Company reiterated an “underweight” rating and set a $121.00 target price on shares of IDACORP in a research report on Tuesday, April 21st. Wall Street Zen raised shares of IDACORP from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 12th. Finally, Barclays lifted their price target on shares of IDACORP from $159.00 to $167.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $149.29.

IDACORP Stock Up 3.0%

The firm has a market cap of $8.57 billion, a P/E ratio of 25.73, a price-to-earnings-growth ratio of 2.99 and a beta of 0.48. The stock’s 50 day simple moving average is $143.56 and its 200 day simple moving average is $139.35. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.95 and a current ratio of 1.21.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, April 30th. The energy company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. IDACORP had a net margin of 18.60% and a return on equity of 9.40%. The firm had revenue of $403.41 million for the quarter, compared to analyst estimates of $437.51 million. During the same period last year, the firm earned $1.10 earnings per share. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. Research analysts anticipate that IDACORP, Inc. will post 6.39 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 5th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Tuesday, May 5th. IDACORP’s dividend payout ratio is currently 58.57%.

Insiders Place Their Bets

In related news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $140.95, for a total value of $211,425.00. Following the transaction, the vice president owned 2,138 shares of the company’s stock, valued at approximately $301,351.10. This trade represents a 41.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Phocas Financial Corp. bought a new stake in IDACORP in the fourth quarter valued at approximately $7,171,000. Mirabella Financial Services LLP grew its holdings in shares of IDACORP by 173.7% in the third quarter. Mirabella Financial Services LLP now owns 19,187 shares of the energy company’s stock worth $2,531,000 after purchasing an additional 12,178 shares during the last quarter. Reaves W H & Co. Inc. increased its stake in shares of IDACORP by 6.3% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company’s stock worth $228,797,000 after buying an additional 107,131 shares during the period. Jennison Associates LLC increased its stake in shares of IDACORP by 8.3% in the fourth quarter. Jennison Associates LLC now owns 1,483,648 shares of the energy company’s stock worth $187,770,000 after buying an additional 113,579 shares during the period. Finally, CoreCap Advisors LLC bought a new stake in IDACORP during the 4th quarter valued at $4,385,000. 89.10% of the stock is owned by institutional investors.

About IDACORP

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.