Connor Clark & Lunn Investment Management Ltd. Sells 4,383 Shares of IDACORP, Inc. (NYSE:IDA)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of IDACORP, Inc. (NYSE:IDA) by 9.2% in the fourth quarter, HoldingsChannel reports. The firm owned 43,324 shares of the energy company’s stock after selling 4,383 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in IDACORP were worth $4,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IDA. Atria Investments Inc boosted its position in IDACORP by 3.1% during the third quarter. Atria Investments Inc now owns 9,765 shares of the energy company’s stock worth $1,007,000 after purchasing an additional 297 shares during the period. Crossmark Global Holdings Inc. boosted its position in IDACORP by 57.4% during the third quarter. Crossmark Global Holdings Inc. now owns 5,415 shares of the energy company’s stock worth $558,000 after purchasing an additional 1,975 shares during the period. Natixis Advisors LLC boosted its position in IDACORP by 6.9% during the third quarter. Natixis Advisors LLC now owns 56,648 shares of the energy company’s stock worth $5,840,000 after purchasing an additional 3,649 shares during the period. Thrivent Financial for Lutherans boosted its position in IDACORP by 2.1% during the third quarter. Thrivent Financial for Lutherans now owns 12,511 shares of the energy company’s stock worth $1,290,000 after purchasing an additional 262 shares during the period. Finally, Pathstone Holdings LLC boosted its position in IDACORP by 18.1% during the third quarter. Pathstone Holdings LLC now owns 26,296 shares of the energy company’s stock worth $2,711,000 after purchasing an additional 4,023 shares during the period. 89.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IDA shares. Jefferies Financial Group reduced their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. Bank of America lifted their target price on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a report on Monday, March 3rd. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Morgan Stanley lifted their target price on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and an average price target of $118.20.

IDACORP Stock Up 0.9 %

IDA stock opened at $116.05 on Monday. The company has a market cap of $6.26 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The business has a 50-day simple moving average of $111.52 and a 200 day simple moving average of $109.41. IDACORP, Inc. has a 52 week low of $88.70 and a 52 week high of $120.42. 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 posted its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Sell-side analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

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.