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IDACORP Hits 52-Week High on Solid Economy & Investments
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IDACORP, Inc. (IDA - Free Report) scaled a new 52-week high of $75.57 during Friday’s trading session before closing slightly lower at $75.38. The company is engaged in the transmission, distribution and sale of electricity services in southern Idaho and eastern Oregon through its primary subsidiary, Idaho Power Company. The stock has delivered a one-year return of about 37.6%.
Over the past 52 weeks, IDACORP’s shares have ranged from a low of $55.40 on Jun 15, 2015 to a high of $75.57 on Jun 10, 2016. The average volume of shares traded over the last three months is approximately 0.2 million.
What is Driving the Stock?
IDACORP’s first-quarter 2016 earnings were up 8.5% year over year primarily on the back of continued growth in its service territory. Quarterly revenues also were marginally higher than the year-ago level.
IDACORP Inc. benefits from improving economic fundamentals in Idaho. Unemployment levels are well below the national average, leading to strong customer additions. In the first quarter, Idaho Power’s customer base expanded 1.8%, resulting in an increase of $2.2 million in its operating income. Backed by the ongoing economic improvements in its service territories, IDACORP expects 2016 earnings in the range of $3.80 to $3.95 per diluted share.
In addition, IDACORP is set to benefit from its systematic investments in renewable and transmission projects which will drive its earnings growth, going forward. The utility has an investment plan of nearly $1.5 billion over the 2016–2020 time frame for transmission and plant expansion. These investments will allow IDACORP to provide efficient services to its expanding customer base.
Zacks Rank & Key Picks
IDACORP currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are Spark Energy, Inc. , Avangrid, Inc. (AGR - Free Report) and Black Hills Corporation (BKH - Free Report) . While both Spark Energy and Avangrid sport a Zacks Rank #1 (Strong Buy), Black Hills Corporation holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
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IDACORP Hits 52-Week High on Solid Economy & Investments
IDACORP, Inc. (IDA - Free Report) scaled a new 52-week high of $75.57 during Friday’s trading session before closing slightly lower at $75.38. The company is engaged in the transmission, distribution and sale of electricity services in southern Idaho and eastern Oregon through its primary subsidiary, Idaho Power Company. The stock has delivered a one-year return of about 37.6%.
Over the past 52 weeks, IDACORP’s shares have ranged from a low of $55.40 on Jun 15, 2015 to a high of $75.57 on Jun 10, 2016. The average volume of shares traded over the last three months is approximately 0.2 million.
What is Driving the Stock?
IDACORP’s first-quarter 2016 earnings were up 8.5% year over year primarily on the back of continued growth in its service territory. Quarterly revenues also were marginally higher than the year-ago level.
IDACORP Inc. benefits from improving economic fundamentals in Idaho. Unemployment levels are well below the national average, leading to strong customer additions. In the first quarter, Idaho Power’s customer base expanded 1.8%, resulting in an increase of $2.2 million in its operating income. Backed by the ongoing economic improvements in its service territories, IDACORP expects 2016 earnings in the range of $3.80 to $3.95 per diluted share.
IDACORP INC Price and Consensus
IDACORP INC Price and Consensus | IDACORP INC Quote
In addition, IDACORP is set to benefit from its systematic investments in renewable and transmission projects which will drive its earnings growth, going forward. The utility has an investment plan of nearly $1.5 billion over the 2016–2020 time frame for transmission and plant expansion. These investments will allow IDACORP to provide efficient services to its expanding customer base.
Zacks Rank & Key Picks
IDACORP currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same space are Spark Energy, Inc. , Avangrid, Inc. (AGR - Free Report) and Black Hills Corporation (BKH - Free Report) . While both Spark Energy and Avangrid sport a Zacks Rank #1 (Strong Buy), Black Hills Corporation holds a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>