Envestnet Asset Management Inc. Raises Holdings in IDACORP, Inc. (NYSE:IDA)

Envestnet Asset Management Inc. boosted its stake in shares of IDACORP, Inc. (NYSE:IDA) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 171,617 shares of the energy company’s stock after purchasing an additional 4,112 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.32% of IDACORP worth $19,945,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IDA. Wellington Management Group LLP boosted its holdings in IDACORP by 43.3% in the fourth quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock valued at $374,279,000 after purchasing an additional 1,035,133 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in IDACORP during the 4th quarter worth approximately $37,104,000. Ameriprise Financial Inc. lifted its position in IDACORP by 596.7% during the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock worth $41,451,000 after acquiring an additional 324,866 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock worth $208,692,000 after acquiring an additional 166,864 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of IDACORP by 13,941.6% during the 1st quarter. GAMMA Investing LLC now owns 85,654 shares of the energy company’s stock worth $99,550,000 after buying an additional 85,044 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on IDA shares. Wells Fargo & Company increased their target price on IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Jefferies Financial Group raised IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 2nd. Guggenheim lifted their price objective on IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. UBS Group reiterated a “neutral” rating and issued a $120.00 target price (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Finally, Morgan Stanley set a $128.00 target price on IDACORP and gave the company an “equal weight” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, IDACORP presently has an average rating of “Hold” and a consensus target price of $122.86.

IDACORP Trading Up 0.6%

Shares of IDA opened at $118.64 on Thursday. IDACORP, Inc. has a 12 month low of $93.57 and a 12 month high of $120.84. The stock has a market cap of $6.41 billion, a PE ratio of 21.07, a P/E/G ratio of 2.50 and a beta of 0.56. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44. The stock’s 50-day moving average is $115.43 and its two-hundred day moving average is $114.12.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.07. The firm had revenue of $432.46 million during the quarter, compared to analyst estimates of $442.24 million. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. During the same period in the previous year, the company earned $0.95 earnings per share. Equities analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

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.