Exchange Traded Concepts LLC Invests $818,000 in IDACORP, Inc. (NYSE:IDA)

Exchange Traded Concepts LLC purchased a new position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,042 shares of the energy company's stock, valued at approximately $818,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in IDACORP by 43.3% in the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company's stock valued at $374,279,000 after acquiring an additional 1,035,133 shares during the last quarter. Reaves W H & Co. Inc. boosted its holdings in 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 acquiring an additional 429,276 shares during the last quarter. Raymond James Financial Inc. bought a new stake in IDACORP in the fourth quarter valued at approximately $37,104,000. Ameriprise Financial Inc. boosted its holdings in IDACORP by 596.7% in the fourth quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company's stock valued at $41,451,000 after acquiring an additional 324,866 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in IDACORP by 9.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company's stock valued at $208,692,000 after acquiring an additional 166,864 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IDA has been the topic of several analyst reports. Morgan Stanley set a $128.00 target price on IDACORP and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Bank of America increased their price target on IDACORP from $119.00 to $127.00 and gave the stock a "buy" rating in a report on Monday, March 3rd. Jefferies Financial Group upgraded IDACORP from a "hold" rating to a "buy" rating in a report on Wednesday, April 2nd. UBS Group cut their price target on IDACORP from $121.00 to $120.00 and set a "neutral" rating on the stock in a report on Monday, June 2nd. Finally, Guggenheim increased their target price on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IDACORP has a consensus rating of "Hold" and an average target price of $122.86.

IDACORP Stock Up 1.9%

NYSE IDA traded up $2.20 on Monday, reaching $115.67. The company had a trading volume of 237,954 shares, compared to its average volume of 358,372. The stock has a market capitalization of $6.25 billion, a P/E ratio of 20.55, a P/E/G ratio of 2.41 and a beta of 0.58. The company's fifty day moving average is $115.86 and its 200 day moving average is $113.57. IDACORP, Inc. has a 52-week low of $90.67 and a 52-week high of $120.84. The company has a quick ratio of 1.44, a current ratio of 1.81 and a debt-to-equity ratio of 1.03.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.07. The business had revenue of $432.46 million during the quarter, compared to analyst estimates of $442.24 million. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. During the same period in the prior year, the firm posted $0.95 EPS. Sell-side analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend was Monday, May 5th. IDACORP's dividend payout ratio is presently 61.10%.

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.