IDACORP, Inc. (NYSE:IDA) Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in IDACORP, Inc. by 11.2% during the first quarter, now holding approximately 0.06% of the company, valued at $3.73 million.
• IDACORP reported $1.76 earnings per share for the last quarter, meeting analysts' expectations, with a revenue of $531.1 million surpassing consensus estimates of $478.14 million.
• The company announced a quarterly dividend of $0.86, which will be paid on September 2, with an annualized yield of 2.7%.

LPL Financial LLC grew its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 11.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,058 shares of the energy company's stock after acquiring an additional 3,237 shares during the quarter. LPL Financial LLC owned about 0.06% of IDACORP worth $3,726,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Elite Financial Inc. acquired a new stake in shares of IDACORP in the first quarter valued at approximately $29,000. Opal Wealth Advisors LLC acquired a new stake in shares of IDACORP during the first quarter worth about $34,000. Farther Finance Advisors LLC boosted its stake in shares of IDACORP by 879.1% during the first quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after buying an additional 378 shares during the period. Versant Capital Management Inc boosted its stake in shares of IDACORP by 39.7% during the first quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock worth $51,000 after buying an additional 125 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of IDACORP by 20.8% during the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock worth $86,000 after buying an additional 127 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Performance

NYSE:IDA opened at $125.28 on Friday. The firm's fifty day moving average price is $119.12 and its 200 day moving average price is $116.38. IDACORP, Inc. has a 1-year low of $99.81 and a 1-year high of $127.09. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.66 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last released its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, meeting analysts' consensus estimates of $1.76. IDACORP had a return on equity of 9.18% and a net margin of 16.96%. The company had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. During the same quarter last year, the company earned $1.71 earnings per share. On average, sell-side analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be issued a $0.86 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.7%. IDACORP's dividend payout ratio (DPR) is 60.56%.

Analyst Upgrades and Downgrades

IDA has been the subject of several recent research reports. UBS Group reiterated a "neutral" rating and set a $120.00 target price (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim lifted their price objective on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, IDACORP has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

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.

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