Invesco Ltd. Trims Stake in IDACORP, Inc. (NYSE:IDA)

Invesco Ltd. trimmed its position in IDACORP, Inc. (NYSE:IDA) by 5.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 235,864 shares of the energy company’s stock after selling 13,187 shares during the quarter. Invesco Ltd.’s holdings in IDACORP were worth $25,775,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IDA. Cerity Partners LLC grew its holdings in IDACORP by 0.9% during the 4th quarter. Cerity Partners LLC now owns 23,728 shares of the energy company’s stock worth $2,482,000 after acquiring an additional 213 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in IDACORP by 1.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 167,505 shares of the energy company’s stock worth $18,305,000 after buying an additional 2,015 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in IDACORP during the fourth quarter worth $1,066,000. Wells Fargo & Company MN boosted its position in IDACORP by 2.7% during the 4th quarter. Wells Fargo & Company MN now owns 173,384 shares of the energy company’s stock valued at $18,947,000 after acquiring an additional 4,527 shares in the last quarter. Finally, Pitcairn Co. increased its holdings in shares of IDACORP by 5.0% in the 4th quarter. Pitcairn Co. now owns 5,043 shares of the energy company’s stock valued at $551,000 after acquiring an additional 242 shares during the period. Institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 1.0 %

NYSE IDA opened at $119.18 on Friday. IDACORP, Inc. has a 1 year low of $90.64 and a 1 year high of $120.84. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The company has a market capitalization of $6.44 billion, a PE ratio of 21.75, a P/E/G ratio of 2.32 and a beta of 0.56. The company has a fifty day moving average of $115.09 and a 200 day moving average of $111.70.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The firm had revenue of $398.13 million for the quarter, compared to the consensus estimate of $403.21 million. Research analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a yield of 2.89%. IDACORP’s dividend payout ratio (DPR) is presently 62.77%.

Analysts Set New Price Targets

Several research firms have issued reports on IDA. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. Morgan Stanley upped their price target on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Bank of America increased their price objective on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Finally, UBS Group boosted their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and an average price target of $120.50.

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.