Jupiter Asset Management Ltd. Invests $6.34 Million in IDACORP, Inc. (NYSE:IDA)

Jupiter Asset Management Ltd. purchased a new position in IDACORP, Inc. (NYSE:IDA) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 54,562 shares of the energy company’s stock, valued at approximately $6,341,000. Jupiter Asset Management Ltd. owned about 0.10% of IDACORP as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Elite Financial Inc. acquired a new stake in shares of IDACORP in the 1st quarter worth about $29,000. Opal Wealth Advisors LLC acquired a new position in IDACORP during the 1st quarter valued at about $34,000. Farther Finance Advisors LLC increased its stake in IDACORP by 879.1% during the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company’s stock valued at $49,000 after buying an additional 378 shares during the period. Versant Capital Management Inc increased its stake in IDACORP by 39.7% during the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company’s stock valued at $51,000 after buying an additional 125 shares during the period. Finally, GAMMA Investing LLC increased its stake in IDACORP by 20.8% during the 1st quarter. GAMMA Investing LLC now owns 737 shares of the energy company’s stock valued at $86,000 after buying an additional 127 shares during the period. 89.10% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on IDA shares. Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the company an “equal weight” rating in a research note on Thursday, May 22nd. Wells Fargo & Company raised their target price on shares of IDACORP from $121.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Guggenheim raised their target price on shares of IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. UBS Group reaffirmed a “neutral” rating and issued a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Finally, Wall Street Zen raised shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $122.86.

IDACORP Stock Performance

Shares of IDA opened at $124.32 on Monday. The firm’s 50 day moving average is $117.33 and its 200-day moving average is $115.36. The stock has a market capitalization of $6.72 billion, a P/E ratio of 21.89, a P/E/G ratio of 2.63 and a beta of 0.56. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. IDACORP, Inc. has a 12-month low of $99.75 and a 12-month high of $126.33.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, hitting the consensus estimate of $1.76. The business had revenue of $531.10 million for the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same period last year, the firm posted $1.71 earnings per share. Equities research analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, August 5th. IDACORP’s dividend payout ratio (DPR) is 60.56%.

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.