Tidal Investments LLC Acquires 4,409 Shares of IDACORP, Inc. (NYSE:IDA)

Tidal Investments LLC boosted its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 40.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,341 shares of the energy company’s stock after buying an additional 4,409 shares during the quarter. Tidal Investments LLC’s holdings in IDACORP were worth $1,582,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its position in shares of IDACORP by 17.7% in the third quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after purchasing an additional 359,553 shares during the period. State Street Corp boosted its position in shares of IDACORP by 5.5% in the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares during the period. Victory Capital Management Inc. boosted its position in shares of IDACORP by 1.7% in the second quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after purchasing an additional 23,925 shares during the period. Nuance Investments LLC boosted its position in shares of IDACORP by 19.0% in the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of IDACORP by 3.9% in the third quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company’s stock worth $97,981,000 after purchasing an additional 36,063 shares during the period. 89.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IDA. Jefferies Financial Group began coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Wells Fargo & Company boosted their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $111.00.

IDACORP Price Performance

IDACORP stock opened at $112.13 on Wednesday. The company has a market cap of $5.97 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 2.51 and a beta of 0.64. The firm’s fifty day moving average is $111.11 and its 200 day moving average is $102.81. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42.

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 business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the previous year, the company earned $2.07 EPS. Sell-side analysts forecast that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were paid a dividend of $0.86 per share. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.07%. IDACORP’s dividend payout ratio is presently 63.82%.

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.