LPL Financial LLC Grows Position in IDACORP, Inc. (NYSE:IDA)

LPL Financial LLC increased its position in shares of IDACORP, Inc. (NYSE:IDA) by 11.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,058 shares of the energy company’s stock after buying an additional 3,237 shares during the quarter. LPL Financial LLC owned about 0.06% of IDACORP worth $3,726,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Elite Financial Inc. acquired a new stake in IDACORP during the 1st quarter worth approximately $29,000. Opal Wealth Advisors LLC purchased a new stake in shares of IDACORP during the first quarter worth approximately $34,000. Farther Finance Advisors LLC raised its stake in shares of IDACORP by 879.1% during the first quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company’s stock worth $49,000 after purchasing an additional 378 shares during the last quarter. Versant Capital Management Inc raised its stake in shares of IDACORP by 39.7% during the first quarter. Versant Capital Management Inc now owns 440 shares of the energy company’s stock worth $51,000 after purchasing an additional 125 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of IDACORP by 20.8% during the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company’s stock worth $86,000 after purchasing an additional 127 shares during the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Down 0.4%

IDA opened at $125.28 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The business has a 50 day simple moving average of $119.12 and a 200-day simple moving average of $116.38. The stock has a market capitalization of $6.77 billion, a P/E ratio of 22.06, a P/E/G ratio of 2.66 and a beta of 0.56. IDACORP, Inc. has a 12 month low of $99.81 and a 12 month high of $127.09.

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

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, August 5th. IDACORP’s payout ratio is presently 60.56%.

Wall Street Analyst Weigh In

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

About IDACORP

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.