Dynamic Technology Lab Private Ltd Makes New Investment in IDACORP, Inc. (NYSE:IDA)

Dynamic Technology Lab Private Ltd acquired a new position in shares of IDACORP, Inc. (NYSE:IDA) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 8,479 shares of the energy company’s stock, valued at approximately $874,000.

A number of other large investors have also recently made changes to their positions in IDA. Pitcairn Co. lifted its position in IDACORP by 2.3% during the 3rd quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock worth $495,000 after acquiring an additional 107 shares during the period. Algert Global LLC raised its stake in shares of IDACORP by 42.5% in the third quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock worth $3,648,000 after purchasing an additional 10,550 shares during the last quarter. Cerity Partners LLC raised its stake in shares of IDACORP by 19.1% in the third quarter. Cerity Partners LLC now owns 23,515 shares of the energy company’s stock worth $2,424,000 after purchasing an additional 3,763 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of IDACORP by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 692,293 shares of the energy company’s stock worth $71,368,000 after purchasing an additional 35,651 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in IDACORP by 11.6% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 190,927 shares of the energy company’s stock valued at $19,683,000 after buying an additional 19,770 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. 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 report on Wednesday, October 16th. Morgan Stanley raised their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price target for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective for the company. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $108.83.

IDACORP Stock Up 0.7 %

IDA opened at $118.74 on Thursday. The company has a fifty day moving average of $107.29 and a two-hundred day moving average of $100.82. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $120.42. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 22.03, a PEG ratio of 2.65 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share 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 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 quarter in the prior year, the firm earned $2.07 EPS. On average, research analysts expect that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.86 per share. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.90%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

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.