Franklin Resources Inc. Lowers Stake in IDACORP, Inc. (NYSE:IDA)

Franklin Resources Inc. lessened its stake in IDACORP, Inc. (NYSE:IDA) by 6.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 462,570 shares of the energy company’s stock after selling 32,050 shares during the period. Franklin Resources Inc.’s holdings in IDACORP were worth $50,550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its position in shares of IDACORP by 98.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock worth $26,000 after acquiring an additional 120 shares during the period. Legacy Investment Solutions LLC bought a new position in IDACORP in the third quarter worth approximately $25,000. Versant Capital Management Inc increased its holdings in IDACORP by 2,150.0% during the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock worth $34,000 after purchasing an additional 301 shares during the period. Independence Bank of Kentucky lifted its holdings in shares of IDACORP by 123.6% in the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after buying an additional 225 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of IDACORP during the 3rd quarter worth $53,000. Institutional investors own 89.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on IDA shares. Morgan Stanley lifted their price objective on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a research report on Wednesday. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. UBS Group upped their target price on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Finally, Bank of America lifted their price target on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $120.50.

IDACORP Price Performance

NYSE IDA opened at $114.47 on Friday. The firm’s fifty day simple moving average is $113.59 and its two-hundred day simple moving average is $110.63. The firm has a market capitalization of $6.18 billion, a P/E ratio of 20.89, a P/E/G ratio of 2.32 and a beta of 0.59. 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, Inc. has a 12-month low of $88.70 and a 12-month high of $120.84.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.07. The company had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date of this dividend was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

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.