Exchange Traded Concepts LLC Purchases New Position in IDACORP, Inc. (NYSE:IDA)

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

A number of other institutional investors and hedge funds have also bought and sold shares of IDA. Empowered Funds LLC acquired a new position in shares of IDACORP during the 4th quarter worth approximately $210,000. Allspring Global Investments Holdings LLC grew its position in shares of IDACORP by 3,692.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 64,655 shares of the energy company's stock worth $7,014,000 after purchasing an additional 62,950 shares in the last quarter. Van ECK Associates Corp grew its position in shares of IDACORP by 14.2% during the 4th quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company's stock worth $1,809,000 after purchasing an additional 2,056 shares in the last quarter. Rhumbline Advisers grew its position in shares of IDACORP by 1.6% during the 4th quarter. Rhumbline Advisers now owns 173,106 shares of the energy company's stock worth $18,917,000 after purchasing an additional 2,667 shares in the last quarter. Finally, Principal Securities Inc. grew its position in shares of IDACORP by 9.2% during the 4th quarter. Principal Securities Inc. now owns 4,318 shares of the energy company's stock worth $472,000 after purchasing an additional 364 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on IDA shares. Guggenheim increased their target price on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Wall Street Zen downgraded shares of IDACORP from a "hold" rating to a "sell" rating in a research note on Wednesday, April 30th. UBS Group dropped their price target on shares of IDACORP from $121.00 to $120.00 and set a "neutral" rating for the company in a research note on Monday, June 2nd. Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Finally, 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 report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $122.86.

IDACORP Trading Up 0.2%

Shares of IDA opened at $113.46 on Friday. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of 20.15, a PEG ratio of 2.41 and a beta of 0.58. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.44 and a current ratio of 1.81. IDACORP, Inc. has a fifty-two week low of $90.67 and a fifty-two week high of $120.84. The firm has a 50 day moving average price of $116.01 and a 200-day moving average price of $113.62.

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

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, May 5th. IDACORP's dividend payout ratio (DPR) is presently 61.10%.

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.

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