IDACORP (NYSE:IDA) Given New $145.00 Price Target at Morgan Stanley

IDACORP (NYSE:IDA) had its price target reduced by Morgan Stanley from $146.00 to $145.00 in a research report released on Monday,Benzinga reports. They currently have an overweight rating on the energy company’s stock.

Other equities research analysts have also recently issued reports about the stock. UBS Group reduced their target price on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating for the company in a research report on Wednesday, December 17th. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a research note on Thursday, January 22nd. Jefferies Financial Group lowered their target price on IDACORP from $152.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, January 28th. Wells Fargo & Company lowered IDACORP from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $129.00 to $118.00 in a research report on Tuesday, January 20th. Finally, Wall Street Zen downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Monday, January 26th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IDACORP currently has an average rating of “Moderate Buy” and a consensus target price of $137.67.

IDACORP Price Performance

Shares of IDACORP stock opened at $131.05 on Monday. The stock has a market capitalization of $7.08 billion, a P/E ratio of 22.52, a PEG ratio of 2.58 and a beta of 0.59. The business has a 50 day simple moving average of $129.05 and a two-hundred day simple moving average of $128.46. IDACORP has a 12 month low of $108.15 and a 12 month high of $138.03. 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Thursday, February 5th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 2.7%. The ex-dividend date is Thursday, February 5th. IDACORP’s dividend payout ratio is presently 60.48%.

Hedge Funds Weigh In On IDACORP

Several large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of IDACORP by 79.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,940 shares of the energy company’s stock worth $690,000 after purchasing an additional 2,625 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in IDACORP by 6.8% in the first quarter. Goldman Sachs Group Inc. now owns 342,496 shares of the energy company’s stock valued at $39,805,000 after purchasing an additional 21,890 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in IDACORP by 8.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 143,677 shares of the energy company’s stock valued at $16,698,000 after purchasing an additional 10,855 shares in the last quarter. HB Wealth Management LLC purchased a new stake in shares of IDACORP during the second quarter worth approximately $213,000. Finally, Ameritas Advisory Services LLC acquired a new stake in IDACORP in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

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.