Martingale Asset Management L P Has $2.35 Million Position in IDACORP, Inc. (NYSE:IDA)

Martingale Asset Management L P lifted its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 758.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,504 shares of the energy company's stock after purchasing an additional 18,999 shares during the quarter. Martingale Asset Management L P's holdings in IDACORP were worth $2,350,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in IDACORP by 27.8% during the 4th quarter. Renaissance Technologies LLC now owns 110,800 shares of the energy company's stock valued at $12,108,000 after purchasing an additional 24,100 shares in the last quarter. Cerity Partners LLC grew its holdings in IDACORP by 0.9% in the fourth quarter. Cerity Partners LLC now owns 23,728 shares of the energy company's stock valued at $2,482,000 after purchasing an additional 213 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of IDACORP by 1.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 167,505 shares of the energy company's stock valued at $18,305,000 after acquiring an additional 2,015 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in shares of IDACORP in the fourth quarter valued at about $1,066,000. Finally, Wells Fargo & Company MN boosted its stake in IDACORP by 2.7% in the fourth quarter. Wells Fargo & Company MN now owns 173,384 shares of the energy company's stock valued at $18,947,000 after acquiring an additional 4,527 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

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Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Guggenheim raised IDACORP from a "neutral" rating to a "buy" rating in a research note on Thursday, January 23rd. UBS Group boosted their price target on IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Morgan Stanley raised their target price on IDACORP from $126.00 to $131.00 and gave the company an "equal weight" rating in a research note on Thursday, March 20th. Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Finally, Bank of America lifted their target price on shares of IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $120.50.

IDACORP Trading Up 0.1 %

Shares of NYSE:IDA traded up $0.07 during mid-day trading on Wednesday, reaching $119.58. 95,072 shares of the company's stock were exchanged, compared to its average volume of 327,111. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP, Inc. has a twelve month low of $88.70 and a twelve month high of $121.81. The business's fifty day moving average price is $114.62 and its 200-day moving average price is $111.43. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, topping the consensus estimate 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%. On average, research analysts predict that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date was Wednesday, February 5th. IDACORP's dividend payout ratio is currently 62.77%.

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.