BNP Paribas Financial Markets Buys 12,653 Shares of IDACORP, Inc. (NYSE:IDA)

BNP Paribas Financial Markets boosted its stake in IDACORP, Inc. (NYSE:IDA) by 545.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,974 shares of the energy company’s stock after purchasing an additional 12,653 shares during the quarter. BNP Paribas Financial Markets’ holdings in IDACORP were worth $1,544,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Clean Energy Transition LLP acquired a new stake in shares of IDACORP in the 2nd quarter valued at about $49,103,000. Nuance Investments LLC increased its holdings in shares of IDACORP by 19.0% during the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after acquiring an additional 178,294 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in shares of IDACORP by 30.8% during the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after purchasing an additional 135,793 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of IDACORP in the 2nd quarter worth $8,032,000. Finally, F M Investments LLC acquired a new stake in IDACORP in the 2nd quarter valued at $5,236,000. 89.10% of the stock is owned by institutional investors.

IDACORP Price Performance

Shares of NYSE IDA opened at $115.12 on Monday. The company has a 50 day moving average of $109.58 and a 200 day moving average of $101.89. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $120.42. The firm has a market cap of $6.13 billion, a P/E ratio of 21.36, a PEG ratio of 2.58 and a beta of 0.64.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the previous year, the company earned $2.07 EPS. As a group, research analysts expect that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 2.99%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. IDACORP’s dividend payout ratio is currently 63.82%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on IDA shares. Morgan Stanley lifted their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Mizuho raised 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 report on Friday, November 1st. Wells Fargo & Company lifted their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Finally, StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and a consensus 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.