USA Financial Formulas Invests $355,000 in IDACORP, Inc. (NYSE:IDA)

USA Financial Formulas purchased a new position in shares of IDACORP, Inc. (NYSE:IDA) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,252 shares of the energy company’s stock, valued at approximately $355,000.

Other large investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in IDACORP in the 3rd quarter worth about $25,000. V Square Quantitative Management LLC purchased a new stake in shares of IDACORP in the 3rd quarter valued at about $26,000. Versant Capital Management Inc raised its holdings in shares of IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after acquiring an additional 301 shares in the last quarter. Avior Wealth Management LLC raised its holdings in shares of IDACORP by 35.9% in the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares in the last quarter. Finally, Eastern Bank purchased a new stake in shares of IDACORP in the 3rd quarter valued at about $52,000. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of NYSE IDA opened at $110.26 on Friday. The stock has a market cap of $5.87 billion, a price-to-earnings ratio of 20.46, a P/E/G ratio of 2.19 and a beta of 0.65. 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 $86.43 and a 1-year high of $120.42. The stock’s 50-day moving average is $113.10 and its 200 day moving average is $105.17.

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

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Wednesday, February 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 3.12%. IDACORP’s payout ratio is 63.82%.

Wall Street Analyst Weigh In

IDA has been the topic of several recent analyst reports. Morgan Stanley raised their price target on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. Jefferies Financial Group initiated coverage on IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Wells Fargo & Company raised their price target on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and raised their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and raised their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, IDACORP presently has an average rating of “Hold” and an average target price of $111.00.

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.