Fortem Financial Group LLC Raises Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Fortem Financial Group LLC raised its stake in IDACORP, Inc. (NYSE:IDA) by 6.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,576 shares of the energy company’s stock after purchasing an additional 433 shares during the period. Fortem Financial Group LLC’s holdings in IDACORP were worth $828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Van ECK Associates Corp boosted its stake in IDACORP by 9.0% in the second quarter. Van ECK Associates Corp now owns 13,540 shares of the energy company’s stock valued at $1,262,000 after acquiring an additional 1,114 shares in the last quarter. Natixis Advisors LLC grew its stake in IDACORP by 9.4% during the 2nd quarter. Natixis Advisors LLC now owns 52,999 shares of the energy company’s stock worth $4,937,000 after buying an additional 4,552 shares during the last quarter. Arizona State Retirement System increased its position in IDACORP by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 14,174 shares of the energy company’s stock valued at $1,320,000 after buying an additional 264 shares in the last quarter. Anchor Capital Advisors LLC raised its stake in IDACORP by 17.7% in the second quarter. Anchor Capital Advisors LLC now owns 180,068 shares of the energy company’s stock valued at $16,773,000 after buying an additional 27,031 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in IDACORP in the second quarter valued at about $496,000. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Performance

IDA traded down $1.12 during midday trading on Monday, hitting $107.82. 199,430 shares of the company were exchanged, compared to its average volume of 234,158. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 2.51 and a beta of 0.65. The company’s 50 day simple moving average is $112.72 and its 200 day simple moving average is $104.38. 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 $120.42.

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). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same quarter in the prior year, the business posted $2.07 earnings per share. As a group, sell-side analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were issued a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.19%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. IDACORP’s payout ratio is presently 63.82%.

Wall Street Analysts Forecast Growth

IDA has been the topic of several recent analyst reports. StockNews.com downgraded shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target on the stock. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Morgan Stanley raised their target price on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, December 13th. Finally, Wells Fargo & Company boosted their price target on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $111.00.

IDACORP Company 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.