Hennion & Walsh Asset Management Inc. Lowers Stake in IDACORP, Inc. (NYSE:IDA)

Hennion & Walsh Asset Management Inc. lessened its holdings in IDACORP, Inc. (NYSE:IDA) by 20.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,018 shares of the energy company’s stock after selling 2,788 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in IDACORP were worth $1,023,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP acquired a new position in shares of IDACORP during the 3rd quarter worth about $101,858,000. Victory Capital Management Inc. lifted its position in shares of IDACORP by 29.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,194,847 shares of the energy company’s stock valued at $117,477,000 after acquiring an additional 273,560 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of IDACORP by 128.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock valued at $38,822,000 after acquiring an additional 221,777 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in shares of IDACORP in the fourth quarter worth approximately $16,759,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of IDACORP by 74.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 246,072 shares of the energy company’s stock worth $24,194,000 after purchasing an additional 105,272 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Insider Buying and Selling at IDACORP

In related news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total transaction of $142,635.00. Following the completion of the sale, the vice president now directly owns 1,650 shares of the company’s stock, valued at approximately $156,898.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.47% of the company’s stock.

IDACORP Trading Down 1.0 %

Shares of IDA opened at $92.21 on Tuesday. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $106.33. The firm has a market capitalization of $4.91 billion, a P/E ratio of 18.52 and a beta of 0.58. The firm has a 50-day moving average price of $94.48 and a 200 day moving average price of $93.17. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.06). The firm had revenue of $448.94 million during the quarter, compared to analyst estimates of $441.21 million. IDACORP had a net margin of 14.18% and a return on equity of 8.71%. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Sell-side analysts forecast that IDACORP, Inc. will post 5.36 EPS for the current year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 6th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.60%. IDACORP’s dividend payout ratio (DPR) is 66.67%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com upgraded IDACORP to a “sell” rating in a report on Friday, April 26th. Mizuho boosted their price target on shares of IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. Wells Fargo & Company upped their price objective on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Finally, Morgan Stanley decreased their target price on shares of IDACORP from $98.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $96.40.

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.