Reaves W H & Co. Inc. Grows 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 IDACORP, Inc. (NYSE:IDA - Free Report) by 25.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,247,925 shares of the energy company's stock after acquiring an additional 249,542 shares during the period. IDACORP accounts for about 3.7% of Reaves W H & Co. Inc.'s investment portfolio, making the stock its 10th biggest position. Reaves W H & Co. Inc. owned approximately 2.31% of IDACORP worth $145,034,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of IDA. Principal Securities Inc. increased its stake in IDACORP by 2.1% in the first quarter. Principal Securities Inc. now owns 4,410 shares of the energy company's stock valued at $482,000 after purchasing an additional 92 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in IDACORP by 4.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company's stock valued at $289,000 after purchasing an additional 100 shares in the last quarter. State of Michigan Retirement System increased its stake in IDACORP by 0.8% in the first quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company's stock valued at $1,478,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in IDACORP by 0.7% in the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company's stock valued at $1,732,000 after purchasing an additional 100 shares in the last quarter. Finally, Wood Tarver Financial Group LLC increased its stake in IDACORP by 3.2% in the first quarter. Wood Tarver Financial Group LLC now owns 3,814 shares of the energy company's stock valued at $443,000 after purchasing an additional 117 shares in the last quarter. 89.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on IDA. Wells Fargo & Company upped their target price on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reiterated a "neutral" rating and issued a $120.00 price target (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Finally, Guggenheim upped their price target on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Stock Down 0.3%

IDA traded down $0.34 during trading hours on Friday, hitting $124.64. 272,840 shares of the company's stock were exchanged, compared to its average volume of 487,645. IDACORP, Inc. has a 1-year low of $99.81 and a 1-year high of $126.70. The stock's 50-day moving average is $118.14 and its two-hundred day moving average is $115.79. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 2.64 and a beta of 0.56. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

IDACORP (NYSE:IDA - Get Free Report) last announced its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The business had revenue of $531.10 million during the quarter, compared to analysts' expectations of $478.14 million. During the same quarter in the prior year, the company posted $1.71 earnings per share. Sell-side analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be paid a $0.86 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.8%. IDACORP's dividend payout ratio (DPR) is currently 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.