Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in IDACORP, Inc. (NYSE:IDA)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in IDACORP, Inc. (NYSE:IDA) by 67.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,707 shares of the energy company’s stock after buying an additional 19,274 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of IDACORP worth $4,918,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Hilton Capital Management LLC grew its holdings in IDACORP by 15.9% in the third quarter. Hilton Capital Management LLC now owns 16,142 shares of the energy company’s stock worth $1,664,000 after purchasing an additional 2,220 shares during the period. Avior Wealth Management LLC grew its stake 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 last quarter. Caprock Group LLC increased its position in IDACORP by 7.7% during the 3rd quarter. Caprock Group LLC now owns 3,343 shares of the energy company’s stock valued at $345,000 after buying an additional 239 shares in the last quarter. Pathstone Holdings LLC raised its stake in IDACORP by 18.1% during the third quarter. Pathstone Holdings LLC now owns 26,296 shares of the energy company’s stock valued at $2,711,000 after buying an additional 4,023 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in IDACORP by 2.1% in the third quarter. Thrivent Financial for Lutherans now owns 12,511 shares of the energy company’s stock worth $1,290,000 after acquiring an additional 262 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Up 0.1 %

Shares of IDACORP stock opened at $118.91 on Friday. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $120.02. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company’s 50 day moving average is $106.71 and its 200 day moving average is $100.51. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its quarterly 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 firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter last year, the business earned $2.07 earnings per share. Research analysts anticipate that IDACORP, Inc. will post 5.42 EPS for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.86 per share. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.89%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is presently 63.82%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on IDA shares. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley raised their price objective 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. Wells Fargo & Company upped their target price on shares of 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 began coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Finally, Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $102.00 to $116.00 in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, IDACORP presently has an average rating of “Hold” and a consensus target price of $108.83.

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.