GSA Capital Partners LLP Buys New Position in IDACORP, Inc. (NYSE:IDA)

GSA Capital Partners LLP bought a new stake in IDACORP, Inc. (NYSE:IDA) in the 3rd quarter, Holdings Channel reports. The institutional investor bought 31,311 shares of the energy company’s stock, valued at approximately $3,228,000. IDACORP accounts for about 0.2% of GSA Capital Partners LLP’s investment portfolio, making the stock its 27th largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of IDACORP during the 3rd quarter valued at about $26,000. Rise Advisors LLC increased its stake in shares of IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after acquiring an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of IDACORP during the 2nd quarter valued at about $35,000. Eastern Bank acquired a new position in shares of IDACORP during the 3rd quarter valued at about $52,000. Finally, 1620 Investment Advisors Inc. acquired a new position in shares of IDACORP during the 2nd quarter valued at about $71,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Jefferies Financial Group started coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $116.00 in a report on Friday, November 1st. Wells Fargo & Company boosted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $108.83.

IDACORP Stock Up 2.8 %

NYSE IDA opened at $117.02 on Tuesday. The stock has a market cap of $6.23 billion, a PE ratio of 21.71, a P/E/G ratio of 2.53 and a beta of 0.60. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $117.26. The business has a 50 day moving average price of $104.13 and a two-hundred day moving average price of $99.12. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The company had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the prior year, the company earned $2.07 EPS. As a group, sell-side analysts predict that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is currently 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.