Martingale Asset Management L P Buys Shares of 2,505 IDACORP, Inc. (NYSE:IDA)

Martingale Asset Management L P acquired a new position in shares of IDACORP, Inc. (NYSE:IDA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,505 shares of the energy company’s stock, valued at approximately $258,000.

Other institutional investors also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new stake in shares of IDACORP in the 1st quarter valued at about $314,000. Tidal Investments LLC lifted its holdings in IDACORP by 120.6% during the 1st quarter. Tidal Investments LLC now owns 9,341 shares of the energy company’s stock valued at $867,000 after purchasing an additional 5,106 shares during the last quarter. Atria Investments Inc acquired a new stake in shares of IDACORP during the 1st quarter worth about $1,023,000. EverSource Wealth Advisors LLC boosted its holdings in shares of IDACORP by 18.3% during the first quarter. EverSource Wealth Advisors LLC now owns 816 shares of the energy company’s stock worth $77,000 after acquiring an additional 126 shares during the period. Finally, Mather Group LLC. boosted its stake in IDACORP by 128.5% in the 2nd quarter. Mather Group LLC. now owns 962 shares of the energy company’s stock valued at $89,000 after purchasing an additional 541 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on IDA shares. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Finally, Morgan Stanley lifted their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Stock Performance

Shares of IDA opened at $116.48 on Wednesday. IDACORP, Inc. has a one year low of $86.43 and a one year high of $120.42. The firm has a market capitalization of $6.20 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 2.60 and a beta of 0.64. The company has a 50-day simple moving average of $108.52 and a two-hundred day simple moving average of $101.39. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The firm had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the previous year, the firm earned $2.07 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were given a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date was Tuesday, November 5th. IDACORP’s payout ratio is presently 63.82%.

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.