IDACORP (NYSE:IDA) Hits New 12-Month High – Should You Buy?

IDACORP, Inc. (NYSE:IDA) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $119.81 and last traded at $119.81, with a volume of 9329 shares. The stock had previously closed at $118.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Bank of America upgraded 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, StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average target price of $108.83.

IDACORP Stock Performance

The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average of $106.40 and a two-hundred day moving average of $100.32. The company has a market capitalization of $6.35 billion, a PE ratio of 22.13, a PEG ratio of 2.61 and a beta of 0.60.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share 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 firm had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same period last year, the firm earned $2.07 earnings per share. Research analysts anticipate that IDACORP, Inc. will post 5.42 EPS for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.88%. IDACORP’s dividend payout ratio is presently 63.82%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IDA. Legacy Investment Solutions LLC purchased a new position in IDACORP during the third quarter valued at $25,000. V Square Quantitative Management LLC purchased a new position in shares of IDACORP in the third quarter valued at approximately $26,000. Rise Advisors LLC boosted its stake in shares of IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of IDACORP during the second quarter worth approximately $35,000. Finally, Avior Wealth Management LLC raised its stake in IDACORP by 35.9% in the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after purchasing an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Company Profile

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.