Everhart Financial Group Inc. Acquires 509 Shares of IDACORP, Inc. (NYSE:IDA)

Everhart Financial Group Inc. boosted its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,275 shares of the energy company’s stock after buying an additional 509 shares during the quarter. Everhart Financial Group Inc.’s holdings in IDACORP were worth $613,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of IDACORP during the 4th quarter worth approximately $248,000. Apollon Wealth Management LLC acquired a new stake in IDACORP during the 4th quarter valued at $213,000. Empowered Funds LLC bought a new position in IDACORP during the fourth quarter worth $210,000. Allspring Global Investments Holdings LLC boosted its position in IDACORP by 3,692.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 64,655 shares of the energy company’s stock worth $7,014,000 after purchasing an additional 62,950 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of IDACORP by 14.2% in the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after purchasing an additional 2,056 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Trading Down 1.6%

IDA stock opened at $113.85 on Friday. IDACORP, Inc. has a 52 week low of $90.64 and a 52 week high of $120.84. The company has a market capitalization of $6.15 billion, a PE ratio of 20.78, a price-to-earnings-growth ratio of 2.32 and a beta of 0.58. The company’s 50-day simple moving average is $116.13 and its 200 day simple moving average is $113.76. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, May 1st. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The firm had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, sell-side analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, May 5th. IDACORP’s dividend payout ratio (DPR) is currently 61.10%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IDA shares. Morgan Stanley set a $128.00 target price on shares of IDACORP and gave the stock an “equal weight” rating in a research note on Thursday, May 22nd. Jefferies Financial Group raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday, April 2nd. Wells Fargo & Company raised their price objective on shares of IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Guggenheim boosted their price objective on IDACORP from $121.00 to $126.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. Finally, Bank of America increased their target price on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $122.86.

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.