Mountain Pacific Investment Advisers LLC Decreases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Mountain Pacific Investment Advisers LLC trimmed its position in shares of IDACORP, Inc. (NYSE:IDA) by 18.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,165 shares of the energy company’s stock after selling 500 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in IDACORP were worth $223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of IDA. Nuance Investments LLC purchased a new stake in shares of IDACORP during the 1st quarter worth approximately $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 worth $160,700,000 after acquiring an additional 546,818 shares in the last quarter. Clean Energy Transition LLP purchased a new stake in shares of IDACORP during the 2nd quarter worth approximately $49,103,000. Balyasny Asset Management L.P. raised its holdings in shares of IDACORP by 128.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock worth $38,822,000 after acquiring an additional 221,777 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of IDACORP by 59.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock worth $36,356,000 after acquiring an additional 145,316 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

IDACORP Stock Performance

IDA stock opened at $100.80 on Thursday. 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 business’s fifty day simple moving average is $102.43 and its two-hundred day simple moving average is $96.91. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $105.24. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 3.46 and a beta of 0.60.

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

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders 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 dividend yield of 3.29%. 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.