Redmond Asset Management LLC Takes $223,000 Position in IDACORP, Inc. (NYSE:IDA)

Redmond Asset Management LLC acquired a new stake in shares of IDACORP, Inc. (NYSE:IDA) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 2,041 shares of the energy company’s stock, valued at approximately $223,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. ING Groep NV bought a new stake in shares of IDACORP during the 4th quarter valued at $3,147,000. RW Investment Management LLC raised its stake in shares of IDACORP by 7.2% during the 4th quarter. RW Investment Management LLC now owns 13,888 shares of the energy company’s stock valued at $1,518,000 after purchasing an additional 938 shares during the period. Ieq Capital LLC bought a new stake in shares of IDACORP during the 4th quarter valued at $339,000. Kestra Investment Management LLC raised its stake in shares of IDACORP by 84.6% during the 4th quarter. Kestra Investment Management LLC now owns 4,038 shares of the energy company’s stock valued at $441,000 after purchasing an additional 1,851 shares during the period. Finally, Venturi Wealth Management LLC raised its stake in shares of IDACORP by 4,756.0% during the 4th quarter. Venturi Wealth Management LLC now owns 1,214 shares of the energy company’s stock valued at $133,000 after purchasing an additional 1,189 shares during the period. 89.10% of the stock is currently owned by institutional investors.

IDACORP Price Performance

Shares of IDACORP stock opened at $113.98 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $6.07 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 2.32 and a beta of 0.65. The business’s 50-day moving average price is $109.90 and its 200-day moving average price is $107.95. IDACORP, Inc. has a 12 month low of $86.47 and a 12 month high of $120.42.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. The firm had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. Sell-side analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.86 per share. The ex-dividend date is Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.02%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Analyst Upgrades and Downgrades

IDA has been the topic of a number of analyst reports. Bank of America upgraded 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 research note on Tuesday, November 5th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, Jefferies Financial Group decreased their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $116.20.

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.