State of Alaska Department of Revenue Boosts Holdings in IDACORP, Inc. (NYSE:IDA)

State of Alaska Department of Revenue lifted its stake in IDACORP, Inc. (NYSE:IDA) by 2.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 36,001 shares of the energy company’s stock after buying an additional 710 shares during the quarter. State of Alaska Department of Revenue’s holdings in IDACORP were worth $3,711,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of IDA. V Square Quantitative Management LLC purchased a new position in shares of IDACORP in the 3rd quarter worth about $26,000. Rise Advisors LLC raised its position in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP in the 2nd quarter worth about $35,000. Eastern Bank purchased a new position in IDACORP in the 3rd quarter worth about $52,000. Finally, 1620 Investment Advisors Inc. purchased a new position in IDACORP in the 2nd quarter worth about $71,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 0.2 %

Shares of NYSE:IDA opened at $102.16 on Thursday. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $105.25. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. The company has a market cap of $5.44 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 3.49 and a beta of 0.60. The stock has a 50 day moving average of $102.81 and a 200 day moving average of $98.11.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The business had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same period in the prior year, the company posted $1.35 EPS. As a group, equities research analysts expect that IDACORP, Inc. will post 5.38 EPS for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.37%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP’s dividend payout ratio is presently 69.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on IDA. Bank of America began coverage on IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price for the company. Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Wells Fargo & Company upped their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average target price of $104.83.

About IDACORP

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.