Renaissance Technologies LLC Has $3.57 Million Position in IDACORP, Inc. (NYSE:IDA)

Renaissance Technologies LLC cut its position in IDACORP, Inc. (NYSE:IDA) by 24.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,300 shares of the energy company’s stock after selling 12,500 shares during the quarter. Renaissance Technologies LLC owned 0.07% of IDACORP worth $3,568,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in IDA. Wellington Management Group LLP grew its holdings in IDACORP by 50.3% during the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after acquiring an additional 546,818 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of IDACORP by 1.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after purchasing an additional 23,925 shares during the period. Nuance Investments LLC lifted its position in shares of IDACORP by 19.0% in the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares during the period. First Trust Advisors LP lifted its position in shares of IDACORP by 0.9% in the 4th quarter. First Trust Advisors LP now owns 761,621 shares of the energy company’s stock worth $74,883,000 after purchasing an additional 7,008 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of IDACORP by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 693,327 shares of the energy company’s stock valued at $64,583,000 after acquiring an additional 47,527 shares during the period. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Performance

NYSE IDA opened at $103.22 on Monday. IDACORP, Inc. has a 1 year low of $86.43 and a 1 year high of $105.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The firm has a market cap of $5.50 billion, a price-to-earnings ratio of 20.73, a PEG ratio of 3.46 and a beta of 0.60. The company has a fifty day moving average price of $101.64 and a 200-day moving average price of $96.31.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. The company had revenue of $451.04 million during the quarter, compared to analyst estimates 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 business earned $1.35 earnings per share. As a group, equities research analysts predict that IDACORP, Inc. will post 5.39 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were given a dividend of $0.83 per share. The ex-dividend date was Monday, August 5th. This represents a $3.32 annualized dividend and a yield of 3.22%. IDACORP’s payout ratio is currently 66.67%.

Analyst Ratings Changes

IDA has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company boosted their target price on shares of IDACORP from $98.00 to $106.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Bank of America initiated coverage on shares of IDACORP in a report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on shares of IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.57.

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.