R Squared Ltd Increases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Key Points

• R Squared Ltd increased its position in IDACORP, Inc. by 10,766.7% during Q1, acquiring an additional 3,230 shares, bringing their total holdings to 3,260 shares valued at $379,000.
• IDACORP's stock recently saw a 0.8% decline and is currently trading at $124.32, with an average target price from analysts set at $122.86.
• The company announced a quarterly dividend of $0.86, reflecting an annualized dividend yield of 2.8%, payable to shareholders on September 2nd.

R Squared Ltd grew its stake in IDACORP, Inc. (NYSE:IDA - Free Report) by 10,766.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,260 shares of the energy company's stock after purchasing an additional 3,230 shares during the period. R Squared Ltd's holdings in IDACORP were worth $379,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IDA. Elite Financial Inc. acquired a new stake in shares of IDACORP in the first quarter valued at about $29,000. Opal Wealth Advisors LLC purchased a new position in IDACORP in the first quarter valued at about $34,000. Farther Finance Advisors LLC boosted its holdings in IDACORP by 879.1% in the first quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock valued at $49,000 after purchasing an additional 378 shares during the last quarter. Versant Capital Management Inc boosted its holdings in IDACORP by 39.7% in the first quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock valued at $51,000 after purchasing an additional 125 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in 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 during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IDA shares. UBS Group reiterated a "neutral" rating and set a $120.00 price target (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. 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 report on Friday, May 2nd. Morgan Stanley set a $128.00 price target on IDACORP and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Finally, Guggenheim lifted their price objective on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, IDACORP has an average rating of "Moderate Buy" and a consensus price target of $122.86.

IDACORP Price Performance

Shares of IDA traded down $1.01 during mid-day trading on Friday, hitting $124.32. 461,496 shares of the stock were exchanged, compared to its average volume of 484,575. The company has a market cap of $6.72 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 2.62 and a beta of 0.56. IDACORP, Inc. has a 52-week low of $99.75 and a 52-week high of $126.33. The firm has a 50-day moving average of $117.33 and a two-hundred day moving average of $115.32. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.44 and a current ratio of 1.81.

IDACORP (NYSE:IDA - Get Free Report) last released its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting analysts' consensus estimates of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.24%. The company had revenue of $531.10 million during the quarter, compared to analysts' expectations of $478.14 million. During the same period last year, the business earned $1.71 EPS. On average, equities analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.8%. IDACORP's dividend payout ratio is presently 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.