IDACORP, Inc. (NYSE:IDA) Sees Significant Decrease in Short Interest

IDACORP, Inc. (NYSE:IDA) was the recipient of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 732,400 shares, a decrease of 10.5% from the September 30th total of 818,500 shares. Based on an average daily trading volume, of 287,700 shares, the short-interest ratio is presently 2.5 days.

IDACORP Stock Performance

Shares of IDA stock traded up $1.32 on Thursday, hitting $103.48. The company’s stock had a trading volume of 522,147 shares, compared to its average volume of 337,789. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.25. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock’s 50 day moving average is $102.81 and its 200-day moving average is $98.11. The company has a market capitalization of $5.51 billion, a PE ratio of 19.38, a PEG ratio of 3.49 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The firm had revenue of $451.04 million for the quarter, compared to analyst estimates of $420.56 million. During the same quarter in the prior year, the business posted $1.35 EPS. Equities research analysts expect that IDACORP will post 5.38 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.32%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. IDACORP’s dividend payout ratio is presently 64.42%.

Analyst Upgrades and Downgrades

IDA has been the topic of a number of research analyst reports. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Bank of America began coverage on shares of IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. Wells Fargo & Company lifted 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. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley boosted their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.83.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IDA. V Square Quantitative Management LLC acquired a new stake in IDACORP during the third quarter worth about $26,000. Rise Advisors LLC raised its position in IDACORP by 65.8% during the second quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in IDACORP during the second quarter worth $35,000. Eastern Bank acquired a new stake in shares of IDACORP in the 3rd quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. bought a new position in shares of IDACORP in the 2nd quarter valued at $71,000. Institutional investors own 89.10% of the company’s stock.

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.