Journey Strategic Wealth LLC Raises Position in IDACORP, Inc. (NYSE:IDA)

Journey Strategic Wealth LLC increased its stake in IDACORP, Inc. (NYSE:IDA) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,202 shares of the energy company’s stock after buying an additional 169 shares during the quarter. Journey Strategic Wealth LLC’s holdings in IDACORP were worth $459,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Independence Bank of Kentucky grew its position in IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after acquiring an additional 225 shares in the last quarter. Perigon Wealth Management LLC grew its holdings in IDACORP by 4.1% during the 4th quarter. Perigon Wealth Management LLC now owns 2,827 shares of the energy company’s stock valued at $311,000 after purchasing an additional 112 shares in the last quarter. KBC Group NV increased its stake in IDACORP by 60.5% during the 4th quarter. KBC Group NV now owns 1,939 shares of the energy company’s stock worth $212,000 after buying an additional 731 shares during the period. Kingswood Wealth Advisors LLC acquired a new position in IDACORP in the 4th quarter worth $206,000. Finally, Tributary Capital Management LLC boosted its position in IDACORP by 1.8% in the 4th quarter. Tributary Capital Management LLC now owns 201,795 shares of the energy company’s stock valued at $22,052,000 after buying an additional 3,608 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Stock Performance

Shares of IDA opened at $110.03 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $120.42. The business’s fifty day moving average price is $111.32 and its 200 day moving average price is $106.64. The stock has a market capitalization of $5.86 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 2.22 and a beta of 0.65.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to analyst estimates 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 firm posted $2.07 earnings per share. Equities research analysts forecast that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th will be paid a $0.86 dividend. The ex-dividend date is Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.13%. IDACORP’s payout ratio is currently 63.82%.

Analyst Ratings Changes

IDA has been the topic of a number of analyst reports. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. Wells Fargo & Company lifted 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. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Finally, Jefferies Financial Group reduced their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, IDACORP has an average rating of “Hold” and an average target price of $116.20.

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.