Clean Energy Transition LLP Purchases Shares of 527,143 IDACORP, Inc. (NYSE:IDA)

Clean Energy Transition LLP purchased a new stake in shares of IDACORP, Inc. (NYSE:IDA) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 527,143 shares of the energy company’s stock, valued at approximately $49,103,000. IDACORP accounts for 2.7% of Clean Energy Transition LLP’s holdings, making the stock its 9th largest position. Clean Energy Transition LLP owned about 0.99% of IDACORP at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. First Eagle Investment Management LLC boosted its holdings in shares of IDACORP by 18.4% during the first quarter. First Eagle Investment Management LLC now owns 129,880 shares of the energy company’s stock worth $12,065,000 after purchasing an additional 20,184 shares during the period. Westwood Holdings Group Inc. boosted its holdings in shares of IDACORP by 6.5% during the fourth quarter. Westwood Holdings Group Inc. now owns 204,925 shares of the energy company’s stock worth $20,148,000 after purchasing an additional 12,432 shares during the period. Buckley Wealth Management LLC boosted its holdings in shares of IDACORP by 273.1% during the first quarter. Buckley Wealth Management LLC now owns 38,425 shares of the energy company’s stock worth $3,569,000 after purchasing an additional 28,125 shares during the period. Sei Investments Co. boosted its holdings in shares of IDACORP by 90.0% during the first quarter. Sei Investments Co. now owns 74,368 shares of the energy company’s stock worth $6,908,000 after purchasing an additional 35,217 shares during the period. Finally, Allianz Asset Management GmbH boosted its holdings in shares of IDACORP by 99.7% during the fourth quarter. Allianz Asset Management GmbH now owns 19,842 shares of the energy company’s stock worth $1,951,000 after purchasing an additional 9,904 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IDA has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Morgan Stanley increased their price target on shares of IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Jefferies Financial Group initiated coverage on shares of IDACORP in a research note on Friday. They issued a “hold” rating and a $110.00 price target for the company. Finally, Bank of America began coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.71.

IDACORP Price Performance

Shares of IDA opened at $102.20 on Friday. The company has a market capitalization of $5.44 billion, a P/E ratio of 20.52 and a beta of 0.60. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a 50 day moving average of $100.80 and a 200 day moving average of $95.75. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $105.24.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter last year, the firm earned $1.35 earnings per share. As a group, equities research analysts anticipate that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s dividend payout ratio is currently 66.67%.

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.