Steward Partners Investment Advisory LLC Boosts Stock Position in IDACORP, Inc. (NYSE:IDA)

Steward Partners Investment Advisory LLC raised its position in IDACORP, Inc. (NYSE:IDA) by 148.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 709 shares of the energy company’s stock after buying an additional 424 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in IDACORP were worth $77,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in IDA. Reaves W H & Co. Inc. raised its stake in shares of IDACORP by 75.4% in the fourth quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after buying an additional 429,276 shares during the period. Wellington Management Group LLP raised its stake in shares of IDACORP by 17.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock valued at $246,367,000 after purchasing an additional 359,553 shares during the period. State Street Corp increased its stake in IDACORP by 5.5% in the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after acquiring an additional 86,642 shares during the last quarter. Principal Financial Group Inc. increased its stake in IDACORP by 14.2% in the 4th quarter. Principal Financial Group Inc. now owns 544,552 shares of the energy company’s stock worth $59,509,000 after acquiring an additional 67,568 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in IDACORP by 3,692.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 64,655 shares of the energy company’s stock worth $7,014,000 after acquiring an additional 62,950 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley upped their price objective on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. Bank of America increased their target price on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Jefferies Financial Group dropped their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a report on Tuesday, January 28th. Finally, Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $118.20.

IDACORP Stock Up 0.0 %

Shares of NYSE:IDA opened at $116.01 on Tuesday. IDACORP, Inc. has a 52-week low of $88.70 and a 52-week high of $120.42. The firm has a market capitalization of $6.26 billion, a P/E ratio of 21.17, a P/E/G ratio of 2.32 and a beta of 0.59. The stock has a 50 day moving average price of $111.69 and a 200-day moving average price of $109.52. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The firm had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. As a group, equities research analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date was Wednesday, February 5th. IDACORP’s payout ratio is 62.77%.

IDACORP 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.