Bridgewater Associates LP Takes $7.55 Million Position in IDACORP, Inc. (NYSE:IDA)

Bridgewater Associates LP bought a new stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 69,061 shares of the energy company's stock, valued at approximately $7,547,000. Bridgewater Associates LP owned 0.13% of IDACORP at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of IDA. MassMutual Private Wealth & Trust FSB raised its stake in shares of IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company's stock worth $26,000 after buying an additional 120 shares during the last quarter. Versant Capital Management Inc raised its position in shares of IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company's stock valued at $34,000 after acquiring an additional 301 shares during the last quarter. Independence Bank of Kentucky raised its position in shares of IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock valued at $44,000 after acquiring an additional 225 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of IDACORP in the 3rd quarter valued at $53,000. Finally, Jones Financial Companies Lllp boosted its position in shares of IDACORP by 1,333.3% in the 4th quarter. Jones Financial Companies Lllp now owns 516 shares of the energy company's stock worth $56,000 after purchasing an additional 480 shares during the last quarter. Institutional investors own 89.10% of the company's stock.

IDACORP Stock Up 1.0 %

Shares of IDA stock traded up $1.20 during trading hours on Friday, hitting $119.18. 272,311 shares of the company were exchanged, compared to its average volume of 328,941. IDACORP, Inc. has a 52 week low of $90.64 and a 52 week high of $120.84. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The business has a 50 day moving average of $115.09 and a two-hundred day moving average of $111.76. The company has a market capitalization of $6.44 billion, a PE ratio of 21.75, a PEG ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.07. The firm had revenue of $398.13 million during the quarter, compared to analysts' expectations of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Monday, May 5th will be given a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.89%. IDACORP's dividend payout ratio is presently 62.77%.

Wall Street Analysts Forecast Growth

IDA has been the topic of several analyst reports. Guggenheim raised IDACORP from a "neutral" rating to a "buy" rating in a research note on Thursday, January 23rd. Morgan Stanley increased their price target on shares of IDACORP from $126.00 to $131.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Bank of America upped their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a research note on Monday, March 3rd. Finally, UBS Group lifted their price target on shares of IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, IDACORP presently has an average rating of "Hold" and a consensus price target of $120.50.

About IDACORP

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.