IDACORP (NYSE:IDA) Sets New 1-Year High – What’s Next?

Shares of IDACORP, Inc. (NYSE:IDA) hit a new 52-week high during trading on Wednesday . The company traded as high as $138.08 and last traded at $138.0850, with a volume of 43602 shares changing hands. The stock had previously closed at $137.10.

Analyst Ratings Changes

Several research analysts recently issued reports on IDA shares. Wells Fargo & Company lowered shares of IDACORP from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $129.00 to $118.00 in a research note on Tuesday, January 20th. Jefferies Financial Group cut their price objective on shares of IDACORP from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Wall Street Zen lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Monday, January 26th. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a research report on Thursday, January 22nd. Finally, Barclays assumed coverage on IDACORP in a research report on Wednesday, January 14th. They set an “overweight” rating and a $144.00 price objective for the company. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, IDACORP currently has a consensus rating of “Moderate Buy” and an average target price of $137.67.

IDACORP Stock Up 0.6%

The company has a market cap of $7.45 billion, a P/E ratio of 23.71, a P/E/G ratio of 2.63 and a beta of 0.59. The company’s 50-day moving average is $129.63 and its two-hundred day moving average is $129.01. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.09 and a quick ratio of 0.82.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Thursday, February 5th will be paid a dividend of $0.88 per share. The ex-dividend date is Thursday, February 5th. This represents a $3.52 annualized dividend and a yield of 2.6%. IDACORP’s dividend payout ratio is currently 60.48%.

Institutional Trading of IDACORP

A number of large investors have recently made changes to their positions in IDA. Torren Management LLC purchased a new stake in IDACORP in the fourth quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd raised its stake in IDACORP by 630.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company’s stock valued at $29,000 after buying an additional 189 shares during the last quarter. Quent Capital LLC bought a new position in shares of IDACORP during the 3rd quarter valued at $30,000. Legacy Investment Solutions LLC purchased a new position in shares of IDACORP in the 2nd quarter worth $28,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of IDACORP in the third quarter worth $34,000. 89.10% of the stock is currently owned by 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.