Zacks Investment Research cut shares of Idacorp (NYSE:IDA) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “In a year's time shares of IDACORP have gained compared with its industry's decline. IDACORP has plans to invest nearly $1.5 billion over the 2018-2022 time frame for transmission and plant-expansion projects, which will allow the company to provide efficient services along with expanding its customer base. However, IDACORP operates under stringent regulatory environment and operation of its hydro-electric power generation units require licenses and the permitting process could involve a number of stringent conditions which may lead to significant capital expenditures. The rising operating cost is a matter of concern for the company..”
Other analysts have also issued research reports about the company. ValuEngine upgraded Idacorp from a hold rating to a buy rating in a report on Monday, April 2nd. Williams Capital reissued a hold rating and issued a $80.00 price objective (down previously from $86.00) on shares of Idacorp in a research note on Monday, February 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $88.67.
Shares of Idacorp opened at $90.58 on Wednesday, according to MarketBeat Ratings. The company has a quick ratio of 1.56, a current ratio of 1.92 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $4.56 billion, a P/E ratio of 21.15, a PEG ratio of 5.58 and a beta of 0.39. Idacorp has a 52-week low of $79.59 and a 52-week high of $100.04.
Idacorp (NYSE:IDA) last announced its quarterly earnings results on Thursday, May 3rd. The coal producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $310.11 million during the quarter, compared to analyst estimates of $302.93 million. Idacorp had a return on equity of 9.62% and a net margin of 15.88%. During the same quarter in the previous year, the business earned $0.66 earnings per share. analysts anticipate that Idacorp will post 4.19 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 30th. Investors of record on Monday, May 7th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Friday, May 4th. Idacorp’s dividend payout ratio (DPR) is 56.06%.
In related news, CFO Steven R. Keen sold 3,557 shares of the business’s stock in a transaction that occurred on Thursday, March 22nd. The shares were sold at an average price of $87.72, for a total value of $312,020.04. Following the completion of the transaction, the chief financial officer now owns 17,240 shares of the company’s stock, valued at $1,512,292.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Tessia Park sold 300 shares of the business’s stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $85.40, for a total transaction of $25,620.00. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
A number of large investors have recently modified their holdings of IDA. Motco bought a new position in Idacorp in the fourth quarter worth approximately $100,000. IFP Advisors Inc raised its stake in Idacorp by 154.9% in the first quarter. IFP Advisors Inc now owns 1,881 shares of the coal producer’s stock worth $166,000 after buying an additional 1,143 shares in the last quarter. Two Sigma Securities LLC bought a new position in Idacorp in the fourth quarter worth approximately $202,000. Cypress Wealth Advisors LLC bought a new position in Idacorp in the fourth quarter worth approximately $203,000. Finally, Pitcairn Co. bought a new position in Idacorp in the fourth quarter worth approximately $209,000. 76.39% of the stock is owned by institutional investors.
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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