Westwood Holdings Group Inc. Has $33.74 Million Stake in IDACORP, Inc. (NYSE:IDA)

Key Points

• Westwood Holdings Group Inc. reduced its stake in IDACORP, Inc. by 11.2% in the first quarter, owning approximately 0.54% of the company equivalent to $33.74 million after selling 36,655 shares.
• IDACORP reported earnings of $1.76 per share, matching analysts' expectations, with a revenue of $531.10 million that surpassed estimates of $478.14 million.
• The company has declared a quarterly dividend of $0.86 per share, with a payout ratio of 60.56% and an annualized dividend yield of 2.7%, to be paid to stockholders on September 2nd.

Westwood Holdings Group Inc. trimmed its holdings in IDACORP, Inc. (NYSE:IDA - Free Report) by 11.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 290,333 shares of the energy company's stock after selling 36,655 shares during the quarter. Westwood Holdings Group Inc. owned about 0.54% of IDACORP worth $33,743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IDA. KBC Group NV lifted its position in IDACORP by 21.2% in the first quarter. KBC Group NV now owns 2,350 shares of the energy company's stock worth $273,000 after purchasing an additional 411 shares during the period. GAMMA Investing LLC lifted 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 purchasing an additional 127 shares in the last quarter. Teacher Retirement System of Texas lifted 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 purchasing an additional 4,305 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted 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 purchasing an additional 456 shares in the last quarter. Finally, Bessemer Group Inc. lifted 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 purchasing an additional 1,065 shares in the last quarter. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Down 0.3%

Shares of NYSE:IDA traded down $0.34 during midday trading on Friday, hitting $124.64. 272,840 shares of the stock were exchanged, compared to its average volume of 487,645. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. IDACORP, Inc. has a 52-week low of $99.81 and a 52-week high of $126.70. The business's fifty day simple moving average is $118.14 and its two-hundred day simple moving average is $115.79. The company has a market capitalization of $6.73 billion, a PE ratio of 21.94, a P/E/G ratio of 2.64 and a beta of 0.56.

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

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be issued a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, August 5th. IDACORP's dividend payout ratio (DPR) is currently 60.56%.

Wall Street Analyst Weigh In

IDA has been the subject of a number of research analyst reports. UBS Group restated a "neutral" rating and issued a $120.00 target price (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Guggenheim increased their target price on IDACORP from $121.00 to $126.00 and gave the company a "buy" 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. Wells Fargo & Company increased 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. Finally, Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

About IDACORP

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.