Pinebridge Investments L.P. lowered its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 40.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,336 shares of the energy company's stock after selling 29,078 shares during the quarter. Pinebridge Investments L.P. owned 0.08% of IDACORP worth $4,626,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Diversified Trust Co bought a new stake in shares of IDACORP in the fourth quarter worth $704,000. Assenagon Asset Management S.A. bought a new stake in shares of IDACORP in the 4th quarter worth about $913,000. JPMorgan Chase & Co. raised its stake in shares of IDACORP by 7.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 343,400 shares of the energy company's stock valued at $35,401,000 after purchasing an additional 22,485 shares in the last quarter. Apollon Wealth Management LLC bought a new position in shares of IDACORP during the fourth quarter worth about $213,000. Finally, Van ECK Associates Corp increased its holdings in IDACORP by 14.2% in the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company's stock valued at $1,809,000 after buying an additional 2,056 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have commented on IDA. Morgan Stanley increased their target price on IDACORP from $126.00 to $131.00 and gave the stock an "equal weight" rating in a report on Thursday, March 20th. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. Bank of America increased their target price on shares of IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a report on Monday, March 3rd. UBS Group increased their price objective on shares of IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Guggenheim upgraded IDACORP from a "neutral" rating to a "buy" rating in a research report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, IDACORP currently has an average rating of "Moderate Buy" and an average target price of $120.50.
Check Out Our Latest Analysis on IDACORP
IDACORP Price Performance
IDACORP stock remained flat at $117.65 during trading hours on Tuesday. 418,670 shares of the company's stock traded hands, compared to its average volume of 329,320. IDACORP, Inc. has a 52-week low of $90.64 and a 52-week high of $120.84. The company has a market cap of $6.36 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 2.32 and a beta of 0.56. The firm's fifty day moving average price is $115.85 and its 200-day moving average price is $112.51. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.
IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The firm had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. On average, equities research analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.
IDACORP Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 5th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend is Monday, May 5th. IDACORP's payout ratio is 62.77%.
About IDACORP
(
Free Report)
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.
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