Penserra Capital Management LLC acquired a new stake in shares of IDACORP Inc (NYSE:IDA) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 606 shares of the coal producer’s stock, valued at approximately $67,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Parnassus Investments CA bought a new position in shares of IDACORP in the 3rd quarter worth about $96,836,000. Invesco Ltd. raised its position in shares of IDACORP by 60.0% during the 2nd quarter. Invesco Ltd. now owns 707,014 shares of the coal producer’s stock worth $71,005,000 after purchasing an additional 265,038 shares during the period. First Trust Advisors LP raised its position in shares of IDACORP by 89.4% during the 3rd quarter. First Trust Advisors LP now owns 634,727 shares of the coal producer’s stock worth $71,515,000 after purchasing an additional 299,636 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of IDACORP by 18.2% in the 2nd quarter. Wells Fargo & Company MN now owns 633,503 shares of the coal producer’s stock worth $63,623,000 after purchasing an additional 97,645 shares during the last quarter. Finally, Man Group plc boosted its position in IDACORP by 97.9% during the 2nd quarter. Man Group plc now owns 372,538 shares of the coal producer’s stock valued at $37,415,000 after purchasing an additional 184,306 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.
A number of analysts recently weighed in on IDA shares. ValuEngine cut shares of IDACORP from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Sidoti assumed coverage on IDACORP in a report on Friday, September 27th. They set a “neutral” rating and a $114.00 price target on the stock. Williams Capital upgraded IDACORP from a “sell” rating to a “hold” rating and raised their target price for the company from $90.00 to $104.00 in a research report on Friday, November 1st. Finally, Bank of America upgraded IDACORP from an “underperform” rating to a “neutral” rating in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $108.67.
IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, October 31st. The coal producer reported $1.78 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.15). The company had revenue of $386.32 million for the quarter, compared to the consensus estimate of $396.28 million. IDACORP had a return on equity of 8.79% and a net margin of 15.52%. During the same period in the prior year, the business earned $2.02 earnings per share. Sell-side analysts expect that IDACORP Inc will post 4.46 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were given a $0.67 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.63. This represents a $2.68 annualized dividend and a dividend yield of 2.57%. The ex-dividend date of this dividend was Monday, November 4th. IDACORP’s dividend payout ratio (DPR) is 59.69%.
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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