Nuance Investments LLC Reduces Stock Position in IDACORP, Inc. (NYSE:IDA)

Key Points

• Nuance Investments LLC significantly reduced its stake in IDACORP, Inc. by 89.0%, leaving it with just 42,101 shares worth approximately $4.89 million.
• During the first quarter, several hedge funds, including Principal Securities Inc. and Cambridge Investment Research Advisors Inc., have increased their positions in IDACORP, indicating ongoing interest from institutional investors.
• IDACORP recently declared a quarterly dividend of $0.86 per share, resulting in an annualized dividend yield of 2.8% and a dividend payout ratio of 60.56%.

Nuance Investments LLC decreased its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 89.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,101 shares of the energy company's stock after selling 342,216 shares during the period. Nuance Investments LLC owned approximately 0.08% of IDACORP worth $4,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group restated a "neutral" rating and issued a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Wells Fargo & Company lifted their price target on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Morgan Stanley set a $128.00 price target on IDACORP and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Finally, Guggenheim lifted their price target 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 given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $122.86.

IDACORP Stock Down 0.4%

Shares of IDACORP stock traded down $0.45 during trading hours on Friday, reaching $125.28. 304,500 shares of the company were exchanged, compared to its average volume of 450,557. IDACORP, Inc. has a 1 year low of $99.81 and a 1 year high of $127.09. The stock's fifty day moving average is $119.12 and its 200 day moving average is $116.38. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The firm has a market cap of $6.77 billion, a PE ratio of 22.06, a PEG ratio of 2.66 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $478.14 million. During the same quarter in the prior year, the company earned $1.71 earnings per share. As a group, equities research analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP's dividend payout ratio is 60.56%.

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.