Zacks Investment Research upgraded shares of Idacorp (NYSE:IDA) from a hold rating to a buy rating in a report published on Thursday morning. Zacks Investment Research currently has $101.00 price target on the coal producer’s stock.
According to Zacks, “In a year's time shares of IDACORP have gained compared with its industry's decline. IDACORP has plans to invest nearly $1.5 billion over the 2018-2022 time frame for transmission and plant-expansion projects, which will allow the company to provide efficient services along with expanding its customer base. However, IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company..”
Other equities research analysts have also recently issued reports about the stock. ValuEngine raised shares of Idacorp from a hold rating to a buy rating in a research report on Monday, April 2nd. Williams Capital reaffirmed a hold rating and issued a $80.00 price objective (down from $86.00) on shares of Idacorp in a research report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Idacorp presently has an average rating of Hold and an average target price of $88.67.
Shares of NYSE IDA opened at $90.50 on Thursday. The firm has a market cap of $4.52 billion, a PE ratio of 21.50, a PEG ratio of 5.53 and a beta of 0.39. Idacorp has a twelve month low of $79.59 and a twelve month high of $100.04. The company has a current ratio of 1.92, a quick ratio of 1.56 and a debt-to-equity ratio of 0.81.
Idacorp (NYSE:IDA) last posted its quarterly earnings data on Thursday, May 3rd. The coal producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $310.11 million for the quarter, compared to analysts’ expectations of $302.93 million. Idacorp had a net margin of 15.88% and a return on equity of 9.62%. During the same period in the previous year, the firm posted $0.66 EPS. equities analysts anticipate that Idacorp will post 4.19 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 30th. Investors of record on Monday, May 7th will be given a $0.59 dividend. The ex-dividend date is Friday, May 4th. This represents a $2.36 annualized dividend and a yield of 2.61%. Idacorp’s dividend payout ratio is currently 56.06%.
In related news, CFO Steven R. Keen sold 3,557 shares of the business’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $87.72, for a total value of $312,020.04. Following the sale, the chief financial officer now directly owns 17,240 shares of the company’s stock, valued at approximately $1,512,292.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Tessia Park sold 300 shares of the business’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $85.40, for a total transaction of $25,620.00. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its position in Idacorp by 1.5% during the 4th quarter. BlackRock Inc. now owns 7,983,305 shares of the coal producer’s stock worth $729,356,000 after buying an additional 116,636 shares in the last quarter. Schroder Investment Management Group lifted its position in Idacorp by 2.3% during the 4th quarter. Schroder Investment Management Group now owns 1,095,779 shares of the coal producer’s stock worth $100,110,000 after buying an additional 24,941 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Idacorp by 1.5% during the 4th quarter. Bank of New York Mellon Corp now owns 751,681 shares of the coal producer’s stock worth $68,673,000 after buying an additional 10,831 shares in the last quarter. Renaissance Technologies LLC lifted its position in Idacorp by 48.8% during the 4th quarter. Renaissance Technologies LLC now owns 664,400 shares of the coal producer’s stock worth $60,700,000 after buying an additional 217,900 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Idacorp by 164.1% during the 1st quarter. Wells Fargo & Company MN now owns 610,522 shares of the coal producer’s stock worth $53,891,000 after buying an additional 379,310 shares in the last quarter. 76.39% of the stock is currently owned by hedge funds and other institutional investors.
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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