State of Tennessee Department of Treasury Has $2.84 Million Stake in IDACORP, Inc. (NYSE:IDA)

State of Tennessee Department of Treasury raised its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 79.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,942 shares of the energy company's stock after buying an additional 11,465 shares during the period. State of Tennessee Department of Treasury's holdings in IDACORP were worth $2,835,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of IDA. Mirabella Financial Services LLP acquired a new position in shares of IDACORP in the fourth quarter worth about $1,379,000. MetLife Investment Management LLC raised its position in shares of IDACORP by 9.3% in the 4th quarter. MetLife Investment Management LLC now owns 30,026 shares of the energy company's stock valued at $3,281,000 after purchasing an additional 2,550 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of IDACORP during the 4th quarter valued at approximately $158,000. Dimensional Fund Advisors LP grew its position in shares of IDACORP by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 713,023 shares of the energy company's stock worth $77,920,000 after buying an additional 8,819 shares in the last quarter. Finally, Farringdon Capital Ltd. bought a new stake in shares of IDACORP in the fourth quarter worth $654,000. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on IDA shares. Bank of America lifted their price target on IDACORP from $119.00 to $127.00 and gave the company a "buy" rating in a report on Monday, March 3rd. Morgan Stanley increased their price target on IDACORP from $126.00 to $131.00 and gave the company an "equal weight" rating in a research report on Thursday, March 20th. Jefferies Financial Group upgraded shares of IDACORP from a "hold" rating to a "buy" rating in a research report on Wednesday, April 2nd. UBS Group increased their target price on IDACORP from $117.00 to $122.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Finally, 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $123.57.

IDACORP Stock Up 1.0 %

NYSE IDA traded up $1.13 on Friday, reaching $117.43. The stock had a trading volume of 305,815 shares, compared to its average volume of 330,032. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 1 year low of $90.64 and a 1 year high of $120.84. The business has a 50 day moving average price of $116.09 and a 200 day moving average price of $112.83. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 21.43, a P/E/G ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.03 by $0.07. The business had revenue of $432.46 million during the quarter, compared to analysts' expectations of $442.24 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. During the same quarter in the previous year, the business posted $0.95 EPS. On average, analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Monday, May 5th will be issued a dividend of $0.86 per share. The ex-dividend date is Monday, May 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.93%. IDACORP's dividend payout ratio is currently 62.77%.

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.