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

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

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

IDACORP Stock Performance

IDACORP stock traded down $0.14 during trading on Friday, hitting $96.06. The stock had a trading volume of 163,019 shares, compared to its average volume of 375,160. The company has a quick ratio of 1.19, a current ratio of 1.54 and a debt-to-equity ratio of 0.95. The stock’s 50 day moving average is $91.46 and its two-hundred day moving average is $93.96. IDACORP has a 1 year low of $86.43 and a 1 year high of $111.26. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 19.32 and a beta of 0.55.

IDACORP (NYSE:IDA) last issued 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 net margin of 14.18% and a return on equity of 8.71%. The firm had revenue of $448.94 million for the quarter, compared to analysts’ expectations of $441.21 million. During the same period in the prior year, the company earned $1.11 EPS. As a group, analysts predict that IDACORP will post 5.32 EPS for the current year.

IDACORP Announces Dividend

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

Hedge Funds Weigh In On IDACORP

A number of institutional investors have recently added to or reduced their stakes in the business. Headlands Technologies LLC purchased a new position in IDACORP in the 3rd quarter worth approximately $40,000. Mather Group LLC. bought a new position in IDACORP in the first quarter valued at $41,000. Northwest Financial Advisors purchased a new stake in IDACORP during the fourth quarter valued at about $52,000. Kapitalo Investimentos Ltda purchased a new position in shares of IDACORP in the 4th quarter worth about $54,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of IDACORP by 19.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock worth $68,000 after purchasing an additional 112 shares in the last quarter. 89.10% of the stock is currently owned by 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.