Jennison Associates LLC purchased a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 614,667 shares of the energy company's stock, valued at approximately $71,437,000. Jennison Associates LLC owned 1.14% of IDACORP as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Elite Financial Inc. acquired a new stake in IDACORP in the 1st quarter valued at $29,000. Opal Wealth Advisors LLC acquired a new stake in IDACORP during the 1st quarter worth $34,000. Proficio Capital Partners LLC acquired a new stake in IDACORP during the 4th quarter worth $45,000. Farther Finance Advisors LLC boosted its stake in IDACORP by 879.1% during the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after purchasing an additional 378 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in IDACORP by 39.7% during the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock worth $51,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.
Wall Street Analyst Weigh In
IDA has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. UBS Group restated a "neutral" rating and issued a $120.00 price objective (up 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 stock an "equal weight" rating in a research note on Thursday, May 22nd. Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a research note on Wednesday, April 2nd. Finally, Guggenheim boosted their price target on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $122.86.
View Our Latest Analysis on IDA
IDACORP Stock Performance
Shares of IDA stock traded up $1.25 during trading hours on Friday, hitting $120.18. The stock had a trading volume of 465,282 shares, compared to its average volume of 373,484. The firm has a market capitalization of $6.49 billion, a PE ratio of 21.35, a PEG ratio of 2.54 and a beta of 0.56. IDACORP, Inc. has a twelve month low of $94.36 and a twelve month high of $120.84. The stock's 50 day moving average is $115.64 and its 200 day moving average is $114.30. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44.
IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.07. IDACORP had a net margin of 16.61% and a return on equity of 9.13%. The firm had revenue of $432.46 million for the quarter, compared to analyst estimates of $442.24 million. During the same period last year, the firm posted $0.95 EPS. As a group, research analysts forecast 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. Stockholders of record on Tuesday, August 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Tuesday, August 5th. IDACORP's dividend payout ratio (DPR) is presently 61.10%.
About IDACORP
(
Free Report)
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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