Tidal Investments LLC Increases Stake in IDACORP, Inc. (NYSE:IDA)

Tidal Investments LLC grew its position in IDACORP, Inc. (NYSE:IDA) by 40.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 15,341 shares of the energy company’s stock after purchasing an additional 4,409 shares during the period. Tidal Investments LLC’s holdings in IDACORP were worth $1,582,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in shares of IDACORP in the third quarter valued at $25,000. V Square Quantitative Management LLC purchased a new stake in shares of IDACORP in the third quarter valued at $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of IDACORP in the second quarter valued at $35,000. Avior Wealth Management LLC raised its stake in shares of IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after acquiring an additional 117 shares during the period. Finally, Eastern Bank purchased a new stake in shares of IDACORP in the third quarter valued at $52,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Trading Down 1.1 %

NYSE IDA opened at $112.13 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The company has a market capitalization of $5.97 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. The company’s 50-day simple moving average is $111.11 and its two-hundred day simple moving average is $102.81. IDACORP, Inc. has a one year low of $86.43 and a one year high of $120.42.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 31st. The energy company reported $2.12 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 last year, the business posted $2.07 EPS. Equities analysts forecast that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.