Franklin Resources Inc. Trims Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Franklin Resources Inc. lowered its holdings in IDACORP, Inc. (NYSE:IDA) by 48.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 494,620 shares of the energy company’s stock after selling 463,813 shares during the period. Franklin Resources Inc. owned approximately 0.93% of IDACORP worth $50,748,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of IDA. Algert Global LLC raised its holdings in IDACORP by 42.5% during the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock valued at $3,648,000 after acquiring an additional 10,550 shares during the period. Edgestream Partners L.P. purchased a new position in shares of IDACORP in the second quarter valued at $1,833,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of IDACORP by 67.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after purchasing an additional 19,274 shares during the period. GSA Capital Partners LLP purchased a new stake in IDACORP during the 3rd quarter worth about $3,228,000. Finally, XTX Topco Ltd bought a new position in IDACORP in the 2nd quarter worth about $577,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $102.00 to $116.00 in a report on Friday, November 1st. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Morgan Stanley boosted their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, IDACORP currently has a consensus rating of “Hold” and a consensus price target of $111.00.

IDACORP Stock Down 1.1 %

Shares of NYSE:IDA opened at $112.13 on Wednesday. The firm has a market capitalization of $5.97 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42. The firm has a fifty day moving average of $111.11 and a 200 day moving average of $102.81.

IDACORP (NYSE:IDA) last posted its quarterly earnings data 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 firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the previous year, the company posted $2.07 earnings per share. As a group, research analysts anticipate 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. Shareholders of record on Tuesday, November 5th were given a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

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.