Zacks Investment Research Downgrades IDACORP (NYSE:IDA) to Hold

Zacks Investment Research downgraded shares of IDACORP (NYSE:IDA) from a buy rating to a hold rating in a research note released on Monday, Zacks.com reports. Zacks Investment Research currently has $120.00 price target on the coal producer’s stock.

According to Zacks, “Shares of IDACORP have outperformed its industry in the past 12 months. IDACORP is benefiting from customer additions and from constructive regulatory proceedings. The company has plans to invest substantially over the next four years in a bid to improve Idaho Power's core business, along with transmission and plant-expansion projects, which will allow it to provide efficient services, as well as expand the 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.”

Separately, ValuEngine lowered IDACORP from a buy rating to a hold rating in a research report on Friday, April 26th.

NYSE IDA opened at $103.87 on Monday. The stock has a market cap of $5.27 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 6.11 and a beta of 0.35. The company has a current ratio of 2.11, a quick ratio of 1.72 and a debt-to-equity ratio of 0.77. IDACORP has a one year low of $85.96 and a one year high of $105.46.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The coal producer reported $0.84 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.13. The company had revenue of $350.32 million for the quarter, compared to analyst estimates of $298.14 million. IDACORP had a return on equity of 9.89% and a net margin of 16.54%. During the same quarter last year, the firm posted $0.72 earnings per share. Research analysts anticipate that IDACORP will post 4.46 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Monday, May 6th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date was Friday, May 3rd. IDACORP’s dividend payout ratio is currently 56.12%.

In other news, VP Tessia Park sold 280 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $103.29, for a total transaction of $28,921.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.54% of the company’s stock.

Large investors have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System grew its holdings in shares of IDACORP by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 24,519 shares of the coal producer’s stock worth $2,441,000 after buying an additional 520 shares in the last quarter. State of Tennessee Treasury Department grew its holdings in shares of IDACORP by 3.0% during the fourth quarter. State of Tennessee Treasury Department now owns 60,357 shares of the coal producer’s stock worth $5,616,000 after buying an additional 1,753 shares in the last quarter. Foresters Investment Management Company Inc. bought a new position in shares of IDACORP during the fourth quarter worth about $9,390,000. D. E. Shaw & Co. Inc. bought a new position in shares of IDACORP during the fourth quarter worth about $6,559,000. Finally, Radnor Capital Management LLC bought a new position in shares of IDACORP during the first quarter worth about $205,000. Institutional investors and hedge funds own 76.48% of the company’s stock.

About IDACORP

IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.

Further Reading: Why do companies engage in swaps?

Get a free copy of the Zacks research report on IDACORP (IDA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for IDACORP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IDACORP and related companies with MarketBeat.com's FREE daily email newsletter.