Lord Abbett & CO. LLC Purchases 12,698 Shares of IDACORP, Inc. (NYSE:IDA)

Lord Abbett & CO. LLC raised its stake in IDACORP, Inc. (NYSE:IDA - Free Report) by 5.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 231,743 shares of the energy company's stock after purchasing an additional 12,698 shares during the period. Lord Abbett & CO. LLC owned 0.44% of IDACORP worth $23,890,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of IDA. Retirement Systems of Alabama raised its stake in IDACORP by 1.5% during the third quarter. Retirement Systems of Alabama now owns 145,791 shares of the energy company's stock valued at $15,030,000 after buying an additional 2,120 shares in the last quarter. Tidal Investments LLC raised its stake in IDACORP by 40.3% during the third quarter. Tidal Investments LLC now owns 15,341 shares of the energy company's stock worth $1,582,000 after acquiring an additional 4,409 shares during the period. Wilmington Savings Fund Society FSB bought a new position in IDACORP in the third quarter worth about $53,000. Sanctuary Advisors LLC boosted its stake in IDACORP by 46.9% in the third quarter. Sanctuary Advisors LLC now owns 9,178 shares of the energy company's stock valued at $946,000 after acquiring an additional 2,930 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of IDACORP by 3.9% during the third quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company's stock valued at $97,981,000 after purchasing an additional 36,063 shares during the last quarter. Institutional investors own 89.10% of the company's stock.

IDACORP Price Performance

IDA traded up $0.35 during trading on Monday, reaching $113.41. The stock had a trading volume of 374,079 shares, compared to its average volume of 346,803. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $120.42. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of 21.04, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. The stock has a 50 day moving average of $110.89 and a two-hundred day moving average of $102.70. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same quarter last year, the firm posted $2.07 earnings per share. As a group, equities analysts anticipate that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.03%. This is a boost from IDACORP's previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. IDACORP's payout ratio is presently 63.82%.

Analysts Set New Price Targets

A number of research firms recently issued reports on IDA. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They set a "hold" rating and a $110.00 price objective for the company. Wells Fargo & Company upped their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 16th. Mizuho raised shares of IDACORP from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Morgan Stanley upped their target price on shares of IDACORP from $110.00 to $121.00 and gave the stock an "equal weight" rating in a research report on Friday. Finally, Bank of America upgraded IDACORP from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, IDACORP currently has a consensus rating of "Hold" and a consensus target price of $111.00.

IDACORP Company Profile

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.