IDACORP (NYSE:IDA) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of IDACORP (NYSE:IDA) from a hold rating to a sell rating in a report released on Saturday morning.

IDA has been the subject of a number of other reports. BTIG Research raised IDACORP to a “strong-buy” rating in a report on Wednesday, October 22nd. Wells Fargo & Company upgraded IDACORP to a “hold” rating in a research report on Tuesday, October 28th. UBS Group cut their target price on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $139.00 price target on shares of IDACORP and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $137.88.

IDACORP Stock Performance

Shares of IDA opened at $128.27 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The stock has a market cap of $6.93 billion, a P/E ratio of 22.04, a PEG ratio of 2.49 and a beta of 0.61. The company has a 50-day moving average of $127.74 and a two-hundred day moving average of $126.77. IDACORP has a 12-month low of $104.74 and a 12-month high of $138.03.

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

IDACORP Increases Dividend

The business also recently disclosed 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. This represents a $3.52 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Wednesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.86. IDACORP’s payout ratio is currently 60.48%.

Institutional Investors Weigh In On IDACORP

A number of institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd raised its stake in IDACORP by 630.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company’s stock worth $29,000 after purchasing an additional 189 shares during the period. Quent Capital LLC acquired a new stake in shares of IDACORP during the 3rd quarter worth $30,000. Legacy Investment Solutions LLC purchased a new position in shares of IDACORP in the 2nd quarter worth $28,000. Measured Wealth Private Client Group LLC purchased a new position in shares of IDACORP in the 3rd quarter worth $34,000. Finally, Ameritas Advisory Services LLC acquired a new position in IDACORP in the second quarter valued at $31,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Company Profile

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.