Oppenheimer Asset Management Inc. Buys 1,429 Shares of IDACORP, Inc. (NYSE:IDA)

Oppenheimer Asset Management Inc. increased its stake in shares of IDACORP, Inc. (NYSE:IDA) by 16.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,060 shares of the energy company’s stock after acquiring an additional 1,429 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in IDACORP were worth $937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IDA. Nuance Investments LLC acquired a new stake in shares of IDACORP in the 1st quarter valued at about $86,962,000. Wellington Management Group LLP grew its stake in IDACORP by 50.3% in the fourth quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock valued at $160,700,000 after acquiring an additional 546,818 shares during the period. Balyasny Asset Management L.P. increased its holdings in shares of IDACORP by 128.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock valued at $38,822,000 after acquiring an additional 221,777 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of IDACORP by 59.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock worth $36,356,000 after purchasing an additional 145,316 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of IDACORP in the 2nd quarter worth $8,032,000. 89.10% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

IDA has been the subject of a number of recent research reports. Bank of America assumed coverage on shares of IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target for the company. Morgan Stanley raised their price target on shares of IDACORP from $94.00 to $102.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Finally, Wells Fargo & Company boosted their price objective on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $101.50.

IDACORP Stock Down 1.0 %

IDACORP stock opened at $102.43 on Friday. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. 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’s 50-day simple moving average is $100.51 and its 200 day simple moving average is $95.61. The stock has a market cap of $5.45 billion, a PE ratio of 20.50 and a beta of 0.60.

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

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 5th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio is presently 66.67%.

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.