IDACORP (NYSE:IDA) Upgraded to Buy at Guggenheim

Guggenheim upgraded shares of IDACORP (NYSE:IDA) from a neutral rating to a buy rating in a report published on Thursday morning, Marketbeat reports.

A number of other equities analysts have also weighed in on the company. Wells Fargo & Company lifted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Morgan Stanley raised their price objective on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and increased their price target for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $102.00 to $116.00 in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $114.60.

IDACORP Trading Up 0.9 %

IDACORP stock opened at $108.65 on Thursday. The stock has a 50-day moving average price of $112.39 and a 200 day moving average price of $105.82. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of 20.16, a price-to-earnings-growth ratio of 2.29 and a beta of 0.65. IDACORP has a 52 week low of $86.43 and a 52 week high of $120.42. 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 released its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same period last year, the company earned $2.07 earnings per share. Sell-side analysts anticipate that IDACORP will post 5.41 EPS for the current year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Wednesday, February 5th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.17%. The ex-dividend date is Wednesday, February 5th. IDACORP’s payout ratio is presently 63.82%.

Hedge Funds Weigh In On IDACORP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC purchased a new stake in shares of IDACORP during the third quarter worth about $25,000. V Square Quantitative Management LLC acquired a new stake in IDACORP in the 3rd quarter worth about $26,000. MassMutual Private Wealth & Trust FSB increased its stake in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after buying an additional 120 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after acquiring an additional 301 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its position in shares of IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

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.