AlphaQuest LLC Raises Holdings in IDACORP, Inc. $IDA

AlphaQuest LLC lifted its position in shares of IDACORP, Inc. (NYSE:IDA) by 448.3% in the 3rd quarter, Holdings Channel reports. The fund owned 17,940 shares of the energy company’s stock after buying an additional 14,668 shares during the quarter. AlphaQuest LLC’s holdings in IDACORP were worth $2,371,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new stake in IDACORP during the second quarter valued at about $28,000. Quent Capital LLC bought a new stake in shares of IDACORP in the third quarter valued at approximately $30,000. Ameritas Advisory Services LLC purchased a new stake in shares of IDACORP during the 2nd quarter valued at approximately $31,000. Smartleaf Asset Management LLC boosted its holdings in IDACORP by 62.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 311 shares of the energy company’s stock worth $36,000 after buying an additional 119 shares during the period. Finally, Parkside Financial Bank & Trust grew its stake in IDACORP by 33.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 382 shares of the energy company’s stock valued at $44,000 after buying an additional 96 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Up 0.4%

IDA stock opened at $132.76 on Friday. The company’s 50 day moving average is $129.01 and its 200 day moving average is $128.24. The stock has a market cap of $7.17 billion, a price-to-earnings ratio of 22.81, a price-to-earnings-growth ratio of 2.57 and a beta of 0.61. The company has a current ratio of 1.09, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. IDACORP, Inc. has a 1-year low of $108.15 and a 1-year high of $138.03.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The business had revenue of $524.42 million during the quarter, compared to analysts’ expectations of $663.09 million. IDACORP had a net margin of 17.59% and a return on equity of 9.35%. During the same quarter in the previous year, the company earned $2.12 EPS. Sell-side analysts predict that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Thursday, February 5th will be given a $0.88 dividend. The ex-dividend date is Thursday, February 5th. This represents a $3.52 annualized dividend and a yield of 2.7%. IDACORP’s payout ratio is 60.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley restated an “overweight” rating and set a $146.00 target price on shares of IDACORP in a research report on Wednesday, January 21st. Wells Fargo & Company downgraded IDACORP from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $129.00 to $118.00 in a research note on Tuesday, January 20th. Jefferies Financial Group decreased their price target on IDACORP from $152.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Thursday, January 22nd. Finally, Barclays began coverage on shares of IDACORP in a research note on Wednesday, January 14th. They set an “overweight” rating and a $144.00 price objective for the company. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.78.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.