Reaves W H & Co. Inc. Has $145.03 Million Position in IDACORP, Inc. (NYSE:IDA)

Key Points

• Reaves W H & Co. Inc. increased its stake in IDACORP by 25%, holding approximately 1,247,925 shares valued at $145 million, making it the 10th largest holding in their portfolio.
• IDACORP's shares have received varying price target adjustments from several analysts, with a consensus target of $122.86, indicating a mixed outlook on the stock.
• IDACORP recently declared a quarterly dividend of $0.86, reflecting an annual yield of 2.7% and a dividend payout ratio of 60.56%.

Reaves W H & Co. Inc. grew its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 25.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,247,925 shares of the energy company's stock after purchasing an additional 249,542 shares during the period. IDACORP comprises approximately 3.7% of Reaves W H & Co. Inc.'s portfolio, making the stock its 10th biggest position. Reaves W H & Co. Inc. owned about 2.31% of IDACORP worth $145,034,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. KBC Group NV grew its holdings in shares of IDACORP by 21.2% in the first quarter. KBC Group NV now owns 2,350 shares of the energy company's stock valued at $273,000 after acquiring an additional 411 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of IDACORP by 20.8% in the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after acquiring an additional 127 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of IDACORP by 103.0% in the first quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock valued at $986,000 after acquiring an additional 4,305 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of IDACORP by 7.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock valued at $765,000 after acquiring an additional 456 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of IDACORP by 318.9% in the first quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company's stock valued at $163,000 after acquiring an additional 1,065 shares in the last quarter. 89.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IDA shares. Wells Fargo & Company upped their target price on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. 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. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group reiterated a "neutral" rating and issued a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Finally, Guggenheim upped their price objective on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, IDACORP presently has a consensus rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Stock Performance

Shares of NYSE:IDA traded down $0.39 during trading on Wednesday, hitting $124.95. 328,053 shares of the company were exchanged, compared to its average volume of 506,611. The company has a market cap of $6.75 billion, a PE ratio of 22.00, a P/E/G ratio of 2.65 and a beta of 0.56. The stock has a 50 day moving average of $117.89 and a 200 day moving average of $115.61. IDACORP, Inc. has a 52-week low of $99.81 and a 52-week high of $126.70. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. The firm had revenue of $531.10 million for the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%. During the same quarter in the prior year, the business posted $1.71 earnings per share. As a group, equities research analysts predict 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 Tuesday, September 2nd. Stockholders 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 annualized dividend and a dividend yield of 2.8%. IDACORP's dividend payout ratio is presently 60.56%.

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.