Millennium Management LLC Increases Position in IDACORP, Inc. (NYSE:IDA)

Millennium Management LLC boosted its position in shares of IDACORP, Inc. (NYSE:IDA) by 34.0% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 201,545 shares of the energy company’s stock after acquiring an additional 51,178 shares during the quarter. Millennium Management LLC owned about 0.38% of IDACORP worth $18,774,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in IDA. Rise Advisors LLC increased its stake in shares of IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after acquiring an additional 146 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP during the 2nd quarter valued at about $35,000. Mather Group LLC. acquired a new position in shares of IDACORP in the 1st quarter valued at about $41,000. Kapitalo Investimentos Ltda acquired a new position in shares of IDACORP in the 4th quarter valued at about $54,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of IDACORP in the second quarter worth about $71,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Analyst Upgrades and Downgrades

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

IDACORP Stock Performance

IDA opened at $101.57 on Friday. The firm’s fifty day simple moving average is $102.25 and its two-hundred day simple moving average is $96.64. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $105.24. The company has a market cap of $5.41 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 3.46 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.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The firm had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. During the same period last year, the company posted $1.35 EPS. Equities analysts anticipate that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.32 annualized dividend and a yield of 3.27%. IDACORP’s dividend payout ratio (DPR) is presently 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.