GSA Capital Partners LLP Acquires New Stake in IDACORP, Inc. (NYSE:IDA)

GSA Capital Partners LLP acquired a new stake in IDACORP, Inc. (NYSE:IDA) during the third quarter, according to its most recent filing with the SEC. The firm acquired 31,311 shares of the energy company’s stock, valued at approximately $3,228,000. IDACORP comprises about 0.2% of GSA Capital Partners LLP’s holdings, making the stock its 27th largest position. GSA Capital Partners LLP owned approximately 0.06% of IDACORP as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in IDACORP in the 3rd quarter valued at $26,000. Rise Advisors LLC grew its position in IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after buying an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in IDACORP in the 2nd quarter valued at $35,000. Eastern Bank purchased a new position in IDACORP in the 3rd quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. purchased a new position in IDACORP in the 2nd quarter valued at $71,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on IDA shares. Jefferies Financial Group started coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley boosted their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company boosted 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. Finally, Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. One investment 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 has a consensus rating of “Hold” and a consensus price target of $108.83.

IDACORP Price Performance

IDACORP stock opened at $117.02 on Tuesday. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $117.26. 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 firm’s 50-day simple moving average is $104.13 and its 200 day simple moving average is $99.12. The firm has a market capitalization 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 (NYSE:IDA) last released its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 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 business had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same quarter in the prior year, the firm earned $2.07 earnings per share. On average, equities research analysts predict that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 annualized dividend and a yield of 2.94%. IDACORP’s payout ratio is presently 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.