Cubist Systematic Strategies LLC Takes $1.19 Million Position in IDACORP, Inc. (NYSE:IDA)

Cubist Systematic Strategies LLC purchased a new position in shares of IDACORP, Inc. (NYSE:IDA) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,809 shares of the energy company’s stock, valued at approximately $1,193,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marshall Wace LLP acquired a new position in shares of IDACORP during the second quarter worth about $224,000. Bank of Montreal Can increased its position in IDACORP by 3.5% during the 2nd quarter. Bank of Montreal Can now owns 18,517 shares of the energy company’s stock worth $1,727,000 after purchasing an additional 620 shares during the period. Gabelli Funds LLC raised its stake in shares of IDACORP by 5.6% during the 2nd quarter. Gabelli Funds LLC now owns 50,600 shares of the energy company’s stock worth $4,713,000 after buying an additional 2,700 shares in the last quarter. Clean Energy Transition LLP acquired a new stake in shares of IDACORP in the 2nd quarter valued at approximately $49,103,000. Finally, Westwood Holdings Group Inc. boosted its stake in shares of IDACORP by 1.1% in the second quarter. Westwood Holdings Group Inc. now owns 259,167 shares of the energy company’s stock valued at $24,141,000 after buying an additional 2,721 shares in the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IDA has been the subject of several research analyst reports. Jefferies Financial Group started coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Bank of America started coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective for the company. Wells Fargo & Company upped their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley lifted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.57.

IDACORP Trading Down 0.9 %

Shares of IDA stock opened at $102.51 on Thursday. The firm has a 50-day moving average price of $101.96 and a 200 day moving average price of $96.49. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 3.46 and a beta of 0.60. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $105.24.

IDACORP (NYSE:IDA) last released 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 firm had revenue of $451.04 million during the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period in the previous year, the company earned $1.35 EPS. Research analysts forecast that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio is currently 66.67%.

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.