LVM Capital Management Ltd. MI Lowers Stock Holdings in IDACORP, Inc. (NYSE:IDA)

LVM Capital Management Ltd. MI cut its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 0.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,742 shares of the energy company’s stock after selling 424 shares during the period. IDACORP comprises about 1.4% of LVM Capital Management Ltd. MI’s portfolio, making the stock its 21st biggest position. LVM Capital Management Ltd. MI owned about 0.23% of IDACORP worth $13,195,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Algert Global LLC lifted 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 worth $3,648,000 after buying an additional 10,550 shares in the last quarter. Edgestream Partners L.P. purchased a new stake in shares of IDACORP during the second quarter worth $1,833,000. Diversified Trust Co acquired a new stake in shares of IDACORP in the fourth quarter valued at $704,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of IDACORP by 67.8% in 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 buying an additional 19,274 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of IDACORP in the 3rd quarter valued at approximately $3,228,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDACORP stock traded down $3.75 on Friday, reaching $106.68. 170,271 shares of the stock were exchanged, compared to its average volume of 261,805. The firm has a market capitalization of $5.68 billion, a PE ratio of 19.79, a PEG ratio of 2.51 and a beta of 0.65. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $120.42. The business has a fifty day moving average price of $113.24 and a two-hundred day moving average price of $104.69. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last issued its 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 company had revenue of $528.53 million during 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 last year, the business posted $2.07 earnings per share. As a group, research analysts anticipate that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were given a $0.86 dividend. The ex-dividend date was Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 3.22%. IDACORP’s payout ratio is currently 63.82%.

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of recent analyst reports. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and increased their price objective for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Jefferies Financial Group initiated coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price for the company. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $102.00 to $116.00 in a research report on Friday, November 1st. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley boosted their target price on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $111.00.

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.