Adage Capital Partners GP L.L.C. Cuts Stock Position in IDACORP, Inc. (NYSE:IDA)

Adage Capital Partners GP L.L.C. reduced its holdings in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 52.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 112,500 shares of the energy company's stock after selling 125,000 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.21% of IDACORP worth $12,294,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted 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 valued at $26,000 after acquiring an additional 120 shares in the last quarter. Versant Capital Management Inc lifted its holdings 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 worth $34,000 after purchasing an additional 301 shares during the period. Independence Bank of Kentucky increased its stake in shares of IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company's stock worth $44,000 after acquiring an additional 225 shares during the period. Proficio Capital Partners LLC acquired a new stake in IDACORP during the 4th quarter worth about $45,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in IDACORP in the third quarter valued at approximately $53,000. 89.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IDA shares. Guggenheim upgraded IDACORP from a "neutral" rating to a "buy" rating in a research report on Thursday, January 23rd. StockNews.com lowered shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday. UBS Group raised their price objective on shares of IDACORP from $117.00 to $122.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Bank of America upped their price target on IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a research note on Monday, March 3rd. Finally, Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $120.50.

IDACORP Stock Down 1.6 %

Shares of IDA traded down $1.91 during midday trading on Thursday, hitting $116.18. The company had a trading volume of 453,256 shares, compared to its average volume of 330,777. The company's 50-day simple moving average is $116.03 and its 200-day simple moving average is $112.58. 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, Inc. has a 1 year low of $90.64 and a 1 year high of $120.84. The firm has a market capitalization of $6.28 billion, a P/E ratio of 21.20, a P/E/G ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.03 by $0.07. The firm had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. During the same quarter in the prior year, the company posted $0.95 earnings per share. As a group, sell-side analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Monday, May 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.96%. The ex-dividend date is Monday, May 5th. IDACORP's dividend payout ratio (DPR) 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.