HighPoint Advisor Group LLC Buys Shares of 2,460 IDACORP, Inc. (NYSE:IDA)

HighPoint Advisor Group LLC purchased a new position in shares of IDACORP, Inc. (NYSE:IDA) during the fourth quarter, Holdings Channel.com reports. The fund purchased 2,460 shares of the energy company’s stock, valued at approximately $223,000.

Several other hedge funds have also made changes to their positions in the business. HighTower Advisors LLC boosted its holdings in IDACORP by 4.0% in the third quarter. HighTower Advisors LLC now owns 6,724 shares of the energy company’s stock valued at $627,000 after purchasing an additional 258 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in IDACORP during the 3rd quarter worth about $466,000. Envestnet Asset Management Inc. raised its position in IDACORP by 75.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 143,295 shares of the energy company’s stock valued at $13,420,000 after purchasing an additional 61,439 shares in the last quarter. Invesco Ltd. boosted its stake in shares of IDACORP by 10.3% in the 3rd quarter. Invesco Ltd. now owns 278,698 shares of the energy company’s stock valued at $26,100,000 after buying an additional 26,068 shares during the period. Finally, Jacobi Capital Management LLC grew its position in shares of IDACORP by 8.2% during the third quarter. Jacobi Capital Management LLC now owns 2,832 shares of the energy company’s stock worth $265,000 after buying an additional 214 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Trading Up 1.1 %

Shares of IDA opened at $92.44 on Friday. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $106.33. The company has a current ratio of 1.54, a quick ratio of 1.19 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $4.92 billion, a P/E ratio of 18.56 and a beta of 0.57. The firm’s 50-day moving average is $94.40 and its two-hundred day moving average is $93.52.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). The firm had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. IDACORP had a return on equity of 8.71% and a net margin of 14.18%. During the same period last year, the firm earned $1.11 EPS. On average, research analysts predict that IDACORP, Inc. will post 5.36 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 6th were issued a $0.83 dividend. The ex-dividend date was Friday, May 3rd. This represents a $3.32 dividend on an annualized basis and a yield of 3.59%. IDACORP’s dividend payout ratio (DPR) is 66.67%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. StockNews.com upgraded shares of IDACORP to a “sell” rating in a report on Friday, April 26th. Mizuho increased their price objective on IDACORP from $88.00 to $99.00 and gave the company a “neutral” rating in a report on Thursday, May 16th. Morgan Stanley boosted their target price on IDACORP from $96.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 28th. Finally, Wells Fargo & Company upped their price target on IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.40.

Insiders Place Their Bets

In related news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $95.09, for a total transaction of $142,635.00. Following the sale, the vice president now owns 1,650 shares in the company, valued at $156,898.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.47% of the stock is owned by corporate insiders.

IDACORP Company 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.