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

Wall Street Zen cut shares of IDACORP (NYSE:IDA) from a hold rating to a sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently commented on IDA. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a report on Monday, August 3rd. Wells Fargo & Company boosted their price target on shares of IDACORP from $154.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Morgan Stanley boosted their price target on shares of IDACORP from $143.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 21st. BTIG Research set a $153.00 price target on shares of IDACORP in a research report on Tuesday, October 20th. Finally, Barclays lowered their price objective on shares of IDACORP from $162.00 to $149.00 and set an “overweight” rating for the company in a research note on Friday, October 9th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $150.29.

IDACORP Trading Up 1.2%

IDA opened at $147.10 on Friday. IDACORP has a 52 week low of $124.12 and a 52 week high of $154.91. The business has a fifty day simple moving average of $135.66 and a 200-day simple moving average of $140.78. The firm has a market cap of $8.51 billion, a P/E ratio of 22.60, a P/E/G ratio of 2.42 and a beta of 0.48. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.97.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 29th. The energy company reported $2.73 earnings per share for the quarter, beating analysts’ consensus estimates of $2.51 by $0.22. The business had revenue of $608.04 million during the quarter, compared to analysts’ expectations of $603.00 million. IDACORP had a return on equity of 9.34% and a net margin of 18.78%. During the same period in the previous year, the firm posted $2.26 earnings per share. On average, equities analysts expect that IDACORP will post 6.41 earnings per share for the current year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Thursday, November 5th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.4%. This is a boost from IDACORP’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, November 5th. IDACORP’s dividend payout ratio (DPR) is 54.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IDA. Osterweis Capital Management Inc. acquired a new stake in IDACORP in the 2nd quarter valued at about $25,000. Western Wealth Management LLC purchased a new stake in shares of IDACORP during the first quarter worth approximately $29,000. Trust Co. of Vermont purchased a new stake in shares of IDACORP during the second quarter worth approximately $30,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in IDACORP in the second quarter valued at approximately $33,000. Finally, Summit Securities Group LLC acquired a new stake in IDACORP in the first quarter valued at approximately $37,000. 89.10% of the stock is owned by institutional investors and hedge funds.

About IDACORP

IDACORP, Inc is a holding company whose principal subsidiary, Idaho Power Company, is a regulated electric utility. Idaho Power generates, purchases, transmits, distributes and sells electricity to residential, commercial, industrial and agricultural customers.

Idaho Power serves customers across southern Idaho and eastern Oregon. Its power supply includes a substantial hydroelectric system, along with energy from thermal, wind, solar and other resources. The company also operates and maintains the transmission and distribution infrastructure needed to deliver electricity throughout its service area.

Idaho Power traces its history to 1916, when it was established to provide electric service in Idaho.