Jennison Associates LLC Invests $71.44 Million in IDACORP, Inc. (NYSE:IDA)

Jennison Associates LLC bought a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 614,667 shares of the energy company's stock, valued at approximately $71,437,000. Jennison Associates LLC owned about 1.14% of IDACORP at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in IDA. Principal Securities Inc. lifted 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 worth $482,000 after acquiring an additional 92 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in IDACORP by 4.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company's stock valued at $289,000 after acquiring an additional 100 shares during the period. State of Michigan Retirement System raised its stake in shares of IDACORP by 0.8% during the first quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company's stock worth $1,478,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of IDACORP by 0.7% during the first quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company's stock worth $1,732,000 after acquiring an additional 100 shares during the period. Finally, HighPoint Advisor Group LLC increased its position in IDACORP by 4.4% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,720 shares of the energy company's stock worth $303,000 after purchasing an additional 115 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Stock Up 2.0%

IDA traded up $2.39 on Tuesday, reaching $123.61. 560,498 shares of the company traded hands, compared to its average volume of 374,568. The company has a market cap of $6.68 billion, a price-to-earnings ratio of 21.96, a PEG ratio of 2.56 and a beta of 0.56. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44. The stock's 50 day moving average price is $115.64 and its 200-day moving average price is $114.34. IDACORP, Inc. has a 52-week low of $94.51 and a 52-week high of $124.22.

IDACORP (NYSE:IDA - Get Free Report) last issued its earnings results on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. The company had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. During the same period in the prior year, the firm posted $0.95 EPS. On average, sell-side analysts expect that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be paid a dividend of $0.86 per share. The ex-dividend date is Tuesday, August 5th. This represents a $3.44 annualized dividend and a yield of 2.78%. IDACORP's dividend payout ratio is 61.10%.

Analyst Ratings Changes

Several research analysts recently weighed in on IDA shares. Wells Fargo & Company boosted 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 raised shares of IDACORP from a "sell" rating to a "hold" rating in a research report on Friday. Jefferies Financial Group raised shares of IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. Morgan Stanley set a $128.00 price objective on IDACORP and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Finally, UBS Group reaffirmed a "neutral" rating and issued a $120.00 price target (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.86.

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.