Dynamic Technology Lab Private Ltd Buys Shares of 8,479 IDACORP, Inc. (NYSE:IDA)

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

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Clean Energy Transition LLP purchased a new stake in IDACORP in the second quarter worth $49,103,000. Nuance Investments LLC grew its holdings in shares of IDACORP by 19.0% in the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares during the last quarter. Deprince Race & Zollo Inc. increased its stake in IDACORP by 30.8% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after buying an additional 135,793 shares during the period. Assenagon Asset Management S.A. bought a new stake in IDACORP during the 2nd quarter valued at about $8,032,000. Finally, F M Investments LLC purchased a new stake in IDACORP in the 2nd quarter valued at about $5,236,000. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Up 0.7 %

Shares of IDACORP stock opened at $118.74 on Thursday. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a market cap of $6.33 billion, a P/E ratio of 22.03, a PEG ratio of 2.65 and a beta of 0.60. The firm’s 50 day moving average price is $107.29 and its 200-day moving average price is $100.82. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42.

IDACORP (NYSE:IDA) last released 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 return on equity of 9.17% and a net margin of 15.35%. The firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the prior year, the firm posted $2.07 earnings per share. On average, sell-side analysts predict that IDACORP, Inc. will post 5.41 EPS 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 $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a yield of 2.90%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on IDA shares. Wells Fargo & Company raised their target price 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. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley lifted their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Finally, Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and raised their target price for the company from $102.00 to $116.00 in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, IDACORP currently has an average rating of “Hold” and a consensus price target of $108.83.

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.