State of Alaska Department of Revenue Increases Stock Holdings in IDACORP, Inc. (NYSE:IDA)

State of Alaska Department of Revenue boosted its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,061 shares of the energy company’s stock after acquiring an additional 165 shares during the quarter. State of Alaska Department of Revenue’s holdings in IDACORP were worth $4,190,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in IDA. Wellington Management Group LLP raised its position in shares of IDACORP by 43.3% in the 4th quarter. Wellington Management Group LLP now owns 3,424,956 shares of the energy company’s stock worth $374,279,000 after acquiring an additional 1,035,133 shares in the last quarter. Reaves W H & Co. Inc. boosted its position in IDACORP by 75.4% during the fourth quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock worth $109,103,000 after purchasing an additional 429,276 shares in the last quarter. Raymond James Financial Inc. purchased a new position in IDACORP during the fourth quarter worth approximately $37,104,000. Ameriprise Financial Inc. raised its holdings in shares of IDACORP by 596.7% during the fourth quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company’s stock valued at $41,451,000 after acquiring an additional 324,866 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in shares of IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company’s stock valued at $208,692,000 after acquiring an additional 166,864 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Stock Down 0.1%

Shares of IDACORP stock opened at $113.49 on Friday. The business has a 50-day moving average of $115.93 and a 200-day moving average of $113.60. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.81 and a quick ratio of 1.44. The company has a market capitalization of $6.13 billion, a PE ratio of 20.16, a P/E/G ratio of 2.41 and a beta of 0.58. IDACORP, Inc. has a 1-year low of $90.67 and a 1-year high of $120.84.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, May 1st. The energy company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.07. IDACORP had a return on equity of 9.13% and a net margin of 16.61%. The company had revenue of $432.46 million during the quarter, compared to the consensus estimate of $442.24 million. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, equities analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 5th were issued a dividend of $0.86 per share. The ex-dividend date was Monday, May 5th. This represents a $3.44 annualized dividend and a yield of 3.03%. IDACORP’s payout ratio is 61.10%.

Analysts Set New Price Targets

IDA has been the subject of several recent analyst reports. UBS Group cut their target price on IDACORP from $121.00 to $120.00 and set a “neutral” rating for the company in a research note on Monday, June 2nd. Guggenheim lifted their target price on IDACORP from $121.00 to $126.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Jefferies Financial Group raised IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday, April 2nd. Wells Fargo & Company lifted their target price on IDACORP from $121.00 to $125.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Finally, Wall Street Zen cut IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $122.86.

IDACORP Profile

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.