IDACORP (NYSE:IDA) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen lowered shares of IDACORP (NYSE:IDA) from a hold rating to a sell rating in a research note issued to investors on Saturday.

A number of other brokerages also recently issued reports on IDA. BTIG Research raised shares of IDACORP to a “strong-buy” rating in a research report on Wednesday, October 22nd. UBS Group reduced their price target on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Jefferies Financial Group reissued a “buy” rating and issued a $152.00 price target on shares of IDACORP in a research note on Monday, December 1st. Mizuho lifted their price objective on IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.88.

IDACORP Trading Up 0.5%

Shares of IDA opened at $128.07 on Friday. The stock has a market capitalization of $6.92 billion, a P/E ratio of 22.01, a PEG ratio of 2.49 and a beta of 0.61. IDACORP has a twelve month low of $104.74 and a twelve month high of $138.03. The company has a quick ratio of 0.82, a current ratio of 1.09 and a debt-to-equity ratio of 0.95. The firm has a fifty day simple moving average of $127.77 and a two-hundred day simple moving average of $126.58.

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

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Wednesday, November 5th were issued a dividend of $0.88 per share. The ex-dividend date was Wednesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.86. This represents a $3.52 annualized dividend and a dividend yield of 2.7%. IDACORP’s dividend payout ratio (DPR) is 60.48%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IDA. Jennison Associates LLC raised its stake in IDACORP by 115.3% during the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock valued at $152,816,000 after buying an additional 708,989 shares during the last quarter. Orion Porfolio Solutions LLC raised its position in shares of IDACORP by 3,215.7% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 604,451 shares of the energy company’s stock worth $69,784,000 after purchasing an additional 586,221 shares during the last quarter. Zimmer Partners LP bought a new position in IDACORP in the 3rd quarter worth about $71,031,000. Soros Fund Management LLC bought a new position in IDACORP in the 2nd quarter worth about $46,919,000. Finally, Invesco Ltd. grew its position in IDACORP by 139.4% during the 3rd quarter. Invesco Ltd. now owns 591,812 shares of the energy company’s stock valued at $78,208,000 after purchasing an additional 344,622 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

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.