Envestnet Asset Management Inc. Purchases 5,056 Shares of IDACORP, Inc. (NYSE:IDA)

Envestnet Asset Management Inc. increased its position in shares of IDACORP, Inc. (NYSE:IDA) by 3.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,113 shares of the energy company’s stock after purchasing an additional 5,056 shares during the period. Envestnet Asset Management Inc. owned about 0.31% of IDACORP worth $15,567,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of IDA. Rise Advisors LLC grew its position in IDACORP by 65.8% in the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after acquiring an additional 146 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in IDACORP in the second quarter valued at $35,000. Mather Group LLC. bought a new stake in IDACORP in the first quarter valued at $41,000. Kapitalo Investimentos Ltda bought a new stake in IDACORP in the fourth quarter valued at $54,000. Finally, 1620 Investment Advisors Inc. bought a new stake in IDACORP in the second quarter valued at $71,000. 89.10% of the stock is currently owned by institutional investors.

IDACORP Trading Down 0.5 %

Shares of IDA opened at $102.67 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $105.24. The firm has a market capitalization of $5.47 billion, a PE ratio of 20.62 and a beta of 0.60. The stock’s fifty day simple moving average is $101.16 and its 200-day simple moving average is $96.06.

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

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 5th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

Analyst Ratings Changes

IDA has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Morgan Stanley upped their price target on IDACORP from $94.00 to $102.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. 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 research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.71.

IDACORP 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.