Commonwealth Equity Services LLC Reduces Holdings in IDACORP, Inc. (NYSE:IDA)

Commonwealth Equity Services LLC decreased its holdings in IDACORP, Inc. (NYSE:IDA) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,791 shares of the energy company’s stock after selling 336 shares during the quarter. Commonwealth Equity Services LLC’s holdings in IDACORP were worth $1,750,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of IDACORP by 10.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 649,195 shares of the energy company’s stock worth $63,829,000 after purchasing an additional 61,546 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in shares of IDACORP by 10.0% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,480 shares of the energy company’s stock worth $539,000 after purchasing an additional 499 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of IDACORP by 21.8% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,300 shares of the energy company’s stock worth $521,000 after purchasing an additional 950 shares during the period. Quadrant Capital Group LLC boosted its position in shares of IDACORP by 12.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,529 shares of the energy company’s stock worth $150,000 after purchasing an additional 164 shares during the period. Finally, Panagora Asset Management Inc. boosted its position in shares of IDACORP by 9.1% in the fourth quarter. Panagora Asset Management Inc. now owns 15,779 shares of the energy company’s stock worth $1,551,000 after purchasing an additional 1,322 shares during the period. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Wall Street Analyst Weigh In

IDA has been the subject of a number of recent analyst reports. Bank of America initiated coverage on shares of IDACORP in a research report on Thursday. They issued a “neutral” rating and a $110.00 price target for the company. Morgan Stanley upped their target price on shares of IDACORP from $94.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Finally, Wells Fargo & Company upped their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, IDACORP currently has a consensus rating of “Hold” and a consensus target price of $101.50.

IDACORP Price Performance

Shares of NYSE:IDA opened at $103.47 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The firm has a fifty day moving average price of $99.83 and a 200 day moving average price of $95.24. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 20.78 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. The company had revenue of $451.04 million for the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the prior year, the firm earned $1.35 earnings per share. As a group, sell-side analysts expect that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s payout ratio is 66.67%.

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.