Envestnet Asset Management Inc. Raises Stake in IDACORP, Inc. $IDA

Envestnet Asset Management Inc. increased its stake in IDACORP, Inc. (NYSE:IDA) by 13.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 211,354 shares of the energy company’s stock after purchasing an additional 25,592 shares during the quarter. Envestnet Asset Management Inc. owned 0.39% of IDACORP worth $27,930,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its position in IDACORP by 6.3% during the second quarter. State Street Corp now owns 1,873,225 shares of the energy company’s stock worth $216,264,000 after buying an additional 110,885 shares during the period. Alliancebernstein L.P. boosted its stake in shares of IDACORP by 1.0% during the 2nd quarter. Alliancebernstein L.P. now owns 1,404,847 shares of the energy company’s stock worth $162,190,000 after acquiring an additional 13,283 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of IDACORP by 3.5% in the 3rd quarter. Jennison Associates LLC now owns 1,370,069 shares of the energy company’s stock worth $181,055,000 after acquiring an additional 46,413 shares during the period. Geode Capital Management LLC increased its stake in IDACORP by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,021,027 shares of the energy company’s stock valued at $117,905,000 after purchasing an additional 15,223 shares in the last quarter. Finally, William Blair Investment Management LLC increased its stake in IDACORP by 33.7% in the 2nd quarter. William Blair Investment Management LLC now owns 637,110 shares of the energy company’s stock valued at $73,554,000 after purchasing an additional 160,717 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Stock Up 2.7%

Shares of NYSE IDA opened at $141.40 on Friday. The firm has a market cap of $7.64 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 2.68 and a beta of 0.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 1.09. IDACORP, Inc. has a 1 year low of $108.15 and a 1 year high of $142.06. The firm’s 50 day moving average price is $130.12 and its 200 day moving average price is $129.16.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Thursday, February 5th will be given a $0.88 dividend. The ex-dividend date of this dividend is Thursday, February 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.5%. IDACORP’s payout ratio is currently 60.48%.

Analyst Upgrades and Downgrades

A number of analysts have commented on IDA shares. Wells Fargo & Company downgraded IDACORP from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $129.00 to $118.00 in a research report on Tuesday, January 20th. Mizuho lifted their price target on IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. UBS Group lowered their price objective on shares of IDACORP from $135.00 to $129.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. BTIG Research restated a “buy” rating and set a $156.00 target price on shares of IDACORP in a report on Friday, January 30th. Finally, Morgan Stanley reduced their price target on shares of IDACORP from $146.00 to $145.00 and set an “overweight” rating on the stock in a report on Monday, February 2nd. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, IDACORP has an average rating of “Moderate Buy” and an average price target of $137.67.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.