Corient Private Wealth LLC Cuts Stake in IDACORP, Inc. (NYSE:IDA)

Corient Private Wealth LLC lowered its stake in shares of IDACORP, Inc. (NYSE:IDA) by 49.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,604 shares of the energy company’s stock after selling 4,534 shares during the period. Corient Private Wealth LLC’s holdings in IDACORP were worth $503,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Legacy Investment Solutions LLC purchased a new stake in shares of IDACORP during the 3rd quarter worth about $25,000. MassMutual Private Wealth & Trust FSB lifted its position in IDACORP by 98.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after acquiring an additional 120 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of IDACORP by 2,150.0% during the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares during the period. Independence Bank of Kentucky grew its stake in shares of IDACORP by 123.6% during the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after acquiring an additional 225 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in IDACORP during the 4th quarter valued at approximately $45,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Trading Up 0.5 %

Shares of IDA stock opened at $115.08 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The stock has a 50-day simple moving average of $112.80 and a 200 day simple moving average of $110.19. IDACORP, Inc. has a fifty-two week low of $88.70 and a fifty-two week high of $120.42. The stock has a market capitalization of $6.21 billion, a P/E ratio of 21.00, a P/E/G ratio of 2.32 and a beta of 0.59.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. On average, sell-side analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were given a $0.86 dividend. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.99%. IDACORP’s dividend payout ratio (DPR) is 62.77%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IDA. Jefferies Financial Group cut their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research report on Tuesday, January 28th. Bank of America raised their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. UBS Group upped their price objective on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley upped their price target on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Finally, Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $120.50.

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.