IDACORP (NYSE:IDA) Raised to “Buy” at Guggenheim

Guggenheim upgraded shares of IDACORP (NYSE:IDA) from a neutral rating to a buy rating in a research report sent to investors on Thursday, MarketBeat Ratings reports.

IDA has been the subject of several other research reports. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley increased their price target on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. 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. Finally, Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $114.60.

IDACORP Stock Performance

NYSE IDA opened at $109.01 on Thursday. 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 company has a market capitalization of $5.81 billion, a P/E ratio of 20.22, a P/E/G ratio of 2.21 and a beta of 0.65. The firm has a 50-day moving average price of $112.23 and a two-hundred day moving average price of $106.03. IDACORP has a 12-month low of $86.43 and a 12-month high of $120.42.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The firm had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the prior year, the firm earned $2.07 EPS. Analysts anticipate that IDACORP will post 5.41 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Diversified Trust Co purchased a new stake in shares of IDACORP in the 4th quarter worth $704,000. Algert Global LLC increased its holdings in shares of IDACORP by 42.5% during the third quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after acquiring an additional 10,550 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of IDACORP by 67.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock worth $4,918,000 after buying an additional 19,274 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of IDACORP during the third quarter worth about $3,228,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of IDACORP by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock valued at $71,368,000 after acquiring an additional 35,651 shares during 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.