IDACORP, Inc. $IDA Stock: Alps Advisors Inc. Lowers Stake

Alps Advisors Inc. trimmed its position in shares of IDACORP, Inc. (NYSE:IDA) by 23.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,716 shares of the energy company’s stock after selling 7,739 shares during the quarter. Alps Advisors Inc.’s holdings in IDACORP were worth $3,231,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of IDA. Entropy Technologies LP lifted its holdings in shares of IDACORP by 282.7% in the 1st quarter. Entropy Technologies LP now owns 24,273 shares of the energy company’s stock worth $3,470,000 after acquiring an additional 17,931 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in IDACORP during the 2nd quarter valued at about $2,690,000. State of Alaska Department of Revenue grew its holdings in IDACORP by 34.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 59,990 shares of the energy company’s stock valued at $7,841,000 after purchasing an additional 15,355 shares during the last quarter. PDT Partners LLC purchased a new stake in IDACORP in the 2nd quarter worth about $4,454,000. Finally, Mendon Capital Advisors Corp purchased a new stake in IDACORP in the 1st quarter worth about $11,096,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Price Performance

NYSE IDA opened at $147.03 on Tuesday. The company has a market cap of $8.66 billion, a PE ratio of 22.59, a P/E/G ratio of 2.54 and a beta of 0.47. The firm’s 50 day moving average price is $136.57 and its 200-day moving average price is $141.11. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.94 and a current ratio of 1.18. IDACORP, Inc. has a 52-week low of $124.12 and a 52-week high of $154.91.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.22. The company had revenue of $608.04 million during the quarter, compared to analyst estimates of $603.00 million. IDACORP had a return on equity of 9.92% and a net margin of 19.84%. During the same quarter in the prior year, the business earned $2.26 earnings per share. Sell-side analysts forecast that IDACORP, Inc. will post 6.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Thursday, November 5th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.88. IDACORP’s dividend payout ratio is presently 54.07%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a research note on Friday, October 30th. Wall Street Zen lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Barclays lifted their price objective on shares of IDACORP from $149.00 to $163.00 and gave the company an “overweight” rating in a report on Tuesday, November 3rd. Wells Fargo & Company raised their target price on shares of IDACORP from $154.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Finally, Morgan Stanley lifted their price target on shares of IDACORP from $143.00 to $144.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. Six equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, IDACORP has a consensus rating of “Moderate Buy” and a consensus price target of $152.29.

IDACORP Profile

IDACORP, Inc is an energy holding company whose principal subsidiary, Idaho Power Company, provides regulated electric service. Idaho Power generates, transmits and distributes electricity to homes, businesses and other customers.

Idaho Power serves a territory spanning southern Idaho and parts of eastern Oregon. Its electricity comes from a mix of generating resources, including hydroelectric facilities, thermal plants and renewable energy sources.

Idaho Power traces its roots to 1916, while IDACORP became the utility’s publicly traded parent company in 1998.