IDACORP, Inc. (NYSE:IDA) Position Cut by Baron Wealth Management LLC

Baron Wealth Management LLC lessened its position in IDACORP, Inc. (NYSE:IDA) by 9.0% during the third quarter, Holdings Channel reports. The fund owned 1,968 shares of the energy company’s stock after selling 194 shares during the quarter. Baron Wealth Management LLC’s holdings in IDACORP were worth $203,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Trust Point Inc. increased its holdings in shares of IDACORP by 1.4% during the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock valued at $760,000 after purchasing an additional 101 shares during the period. Pitcairn Co. increased its stake in shares of IDACORP by 2.4% during the first quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock valued at $402,000 after acquiring an additional 103 shares during the period. Blue Trust Inc. lifted its position in IDACORP by 7.5% in the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock worth $157,000 after purchasing an additional 106 shares during the period. Raymond James Trust N.A. boosted its stake in IDACORP by 1.7% during the 2nd quarter. Raymond James Trust N.A. now owns 6,411 shares of the energy company’s stock valued at $597,000 after purchasing an additional 107 shares in the last quarter. Finally, Fortem Financial Group LLC raised its stake in shares of IDACORP by 1.2% in the 2nd quarter. Fortem Financial Group LLC now owns 9,301 shares of the energy company’s stock worth $866,000 after buying an additional 112 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their price target on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. 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 research report on Wednesday, October 16th. Mizuho raised shares of 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. Finally, Jefferies Financial Group initiated coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $108.83.

IDACORP Stock Down 0.7 %

IDACORP stock opened at $117.77 on Wednesday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. IDACORP, Inc. has a 1-year low of $86.43 and a 1-year high of $119.65. The firm’s fifty day simple moving average is $105.79 and its 200-day simple moving average is $100.07. The company has a market capitalization of $6.27 billion, a P/E ratio of 21.85, a P/E/G ratio of 2.61 and a beta of 0.60.

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

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.92%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is currently 63.82%.

IDACORP Profile

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.