IDACORP (NYSE:IDA) Price Target Raised to $144.00 at Mizuho

IDACORP (NYSE:IDA) had its price objective increased by Mizuho from $129.00 to $144.00 in a research report report published on Monday, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the energy company’s stock.

IDA has been the topic of a number of other reports. UBS Group reaffirmed a “neutral” rating and issued a $120.00 price objective (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Jefferies Financial Group raised their price objective on shares of IDACORP from $144.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. BTIG Research raised shares of IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd. Morgan Stanley reaffirmed an “outperform” rating and issued a $141.00 price objective on shares of IDACORP in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $137.38.

IDACORP Stock Up 1.2%

Shares of NYSE IDA opened at $136.71 on Monday. The firm has a market cap of $7.39 billion, a PE ratio of 24.07, a P/E/G ratio of 2.89 and a beta of 0.56. IDACORP has a 12-month low of $100.10 and a 12-month high of $138.03. The company’s fifty day simple moving average is $129.52 and its 200 day simple moving average is $121.99. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The firm had revenue of $531.10 million for the quarter, compared to analyst estimates of $478.14 million. During the same period last year, the firm earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, sell-side analysts forecast that IDACORP will post 5.81 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 5th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.86. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.6%. IDACORP’s payout ratio is 60.56%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IDA. Wellington Management Group LLP increased its holdings in IDACORP by 3.2% during the first quarter. Wellington Management Group LLP now owns 3,536,138 shares of the energy company’s stock worth $410,970,000 after buying an additional 111,182 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in IDACORP by 10.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company’s stock worth $245,243,000 after buying an additional 200,465 shares during the last quarter. State Street Corp increased its holdings in IDACORP by 6.3% during the second quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after buying an additional 110,885 shares during the last quarter. Alliancebernstein L.P. increased its holdings in IDACORP by 1.0% during the second quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock worth $162,190,000 after buying an additional 13,283 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in IDACORP by 115.3% during the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock worth $152,816,000 after buying an additional 708,989 shares during the last quarter. 89.10% of the stock is owned by institutional investors.

IDACORP Company Profile

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.