IDACORP, Inc. (NYSE:IDA) Stock Position Reduced by D.A. Davidson & CO.

D.A. Davidson & CO. trimmed its position in IDACORP, Inc. (NYSE:IDA) by 36.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,072 shares of the energy company’s stock after selling 2,870 shares during the quarter. D.A. Davidson & CO.’s holdings in IDACORP were worth $523,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in IDACORP during the second quarter valued at $8,032,000. Tidal Investments LLC boosted its holdings in shares of IDACORP by 120.6% in the 1st quarter. Tidal Investments LLC now owns 9,341 shares of the energy company’s stock valued at $867,000 after buying an additional 5,106 shares during the period. Edgestream Partners L.P. bought a new stake in shares of IDACORP during the 2nd quarter valued at about $1,833,000. Algert Global LLC grew its position in shares of IDACORP by 42.5% during the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after buying an additional 10,550 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in IDACORP by 67.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock worth $4,918,000 after acquiring an additional 19,274 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Price 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 stock’s fifty day moving average is $108.52 and its 200-day moving average is $101.39. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 2.60 and a beta of 0.64.

IDACORP (NYSE:IDA) last announced its 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 company had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter in the prior year, the company earned $2.07 EPS. Equities analysts anticipate that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have commented on IDA. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and lifted their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Wells Fargo & Company boosted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley increased their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Finally, Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IDACORP has an average rating of “Hold” and an average target price of $108.83.

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.