IDACORP, Inc. (NYSE:IDA) Short Interest Down 9.2% in August

IDACORP, Inc. (NYSE:IDA) was the target of a significant decrease in short interest in the month of August. As of August 31st, there was short interest totalling 780,100 shares, a decrease of 9.2% from the August 15th total of 858,900 shares. Based on an average trading volume of 317,800 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analysts Forecast Growth

IDA has been the subject of several analyst reports. Morgan Stanley boosted their target price on IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Bank of America began coverage on shares of IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective for the company. Finally, Wells Fargo & Company raised their price target on IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat.com, IDACORP presently has an average rating of “Hold” and a consensus target price of $101.50.

IDACORP Stock Down 0.1 %

IDACORP stock traded down $0.06 during midday trading on Wednesday, hitting $103.43. 472,068 shares of the company were exchanged, compared to its average volume of 351,525. The company’s fifty day moving average price is $100.30 and its 200-day moving average price is $95.56. The company has a market cap of $5.51 billion, a PE ratio of 20.82 and a beta of 0.60. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same quarter last year, the firm earned $1.35 EPS. On average, research analysts predict that IDACORP will post 5.41 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were given a $0.83 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. IDACORP’s dividend payout ratio (DPR) is 66.67%.

Institutional Investors Weigh In On IDACORP

A number of large investors have recently made changes to their positions in the company. Nuance Investments LLC acquired a new position in IDACORP in the 1st quarter worth about $86,962,000. Wellington Management Group LLP raised its holdings in shares of IDACORP by 50.3% during the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after purchasing an additional 546,818 shares in the last quarter. Clean Energy Transition LLP acquired a new stake in shares of IDACORP in the 2nd quarter valued at $49,103,000. Balyasny Asset Management L.P. boosted its holdings in IDACORP by 128.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock worth $38,822,000 after purchasing an additional 221,777 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in IDACORP by 59.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock worth $36,356,000 after buying an additional 145,316 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

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.