Captrust Financial Advisors Lowers Holdings in IDACORP, Inc. (NYSE:IDA)

Captrust Financial Advisors reduced its stake in shares of IDACORP, Inc. (NYSE:IDA) by 16.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,888 shares of the energy company’s stock after selling 1,350 shares during the period. Captrust Financial Advisors’ holdings in IDACORP were worth $710,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in IDACORP during the third quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of IDACORP during the 2nd quarter worth $35,000. Avior Wealth Management LLC raised its position in shares of IDACORP by 35.9% in the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after buying an additional 117 shares during the period. Eastern Bank acquired a new position in IDACORP in the third quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in IDACORP during the second quarter valued at about $71,000. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Performance

IDACORP stock opened at $112.86 on Wednesday. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $120.42. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The company has a market capitalization of $6.01 billion, a price-to-earnings ratio of 20.94, a price-to-earnings-growth ratio of 2.56 and a beta of 0.64. The firm’s fifty day moving average price is $109.98 and its 200 day moving average price is $102.15.

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

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is currently 63.82%.

Wall Street Analyst Weigh In

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

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.