Morgan Stanley Issues Positive Forecast for IDACORP (NYSE:IDA) Stock Price

IDACORP (NYSE:IDA) had its price objective hoisted by Morgan Stanley from $110.00 to $121.00 in a report released on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the energy company’s stock.

IDA has been the topic of a number of other reports. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $113.00 to $117.00 in a research report on Tuesday, November 5th. Jefferies Financial Group began coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. Wells Fargo & Company increased their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock 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 price objective for the company from $102.00 to $116.00 in a report on Friday, November 1st. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, IDACORP currently has a consensus rating of “Hold” and an average target price of $111.00.

IDACORP Stock Down 0.1 %

Shares of NYSE:IDA opened at $113.06 on Friday. IDACORP has a 1-year low of $86.43 and a 1-year high of $120.42. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market cap of $6.02 billion, a P/E ratio of 20.98, a P/E/G ratio of 2.51 and a beta of 0.64. The firm has a fifty day moving average price of $110.64 and a 200 day moving average price of $102.42.

IDACORP (NYSE:IDA) last posted 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 company had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the prior year, the company earned $2.07 earnings per share. Sell-side analysts predict that IDACORP will post 5.41 EPS for the current year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were given a $0.86 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.04%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is currently 63.82%.

Institutional Investors Weigh In On IDACORP

Institutional investors and hedge funds have recently made changes to their positions in the business. Assenagon Asset Management S.A. purchased a new stake in shares of IDACORP in the second quarter valued at about $8,032,000. Algert Global LLC raised its position in shares of IDACORP by 42.5% during the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock worth $3,648,000 after purchasing an additional 10,550 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in IDACORP in the 2nd quarter valued at approximately $1,833,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in IDACORP by 67.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after buying an additional 19,274 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in IDACORP during the third quarter worth $3,228,000. 89.10% of the stock is currently 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.