Healthcare of Ontario Pension Plan Trust Fund Takes $148,000 Position in IDACORP, Inc. (NYSE:IDA)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in IDACORP, Inc. (NYSE:IDA) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,438 shares of the energy company’s stock, valued at approximately $148,000.

A number of other hedge funds have also bought and sold shares of IDA. Clean Energy Transition LLP purchased a new stake in shares of IDACORP during the second quarter worth $49,103,000. Nuance Investments LLC boosted its stake in IDACORP by 19.0% in the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares during the period. Deprince Race & Zollo Inc. grew its holdings in IDACORP by 30.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after buying an additional 135,793 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in IDACORP during the 2nd quarter valued at about $8,032,000. Finally, F M Investments LLC bought a new stake in shares of IDACORP during the second quarter valued at about $5,236,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IDA shares. Bank of America upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and raised their price objective for the company from $113.00 to $117.00 in a research report on Tuesday, November 5th. Jefferies Financial Group started coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Morgan Stanley upped their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company lifted their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $108.83.

IDACORP Stock Performance

NYSE IDA opened at $116.88 on Tuesday. The company has a market capitalization of $6.23 billion, a P/E ratio of 21.68, a P/E/G ratio of 2.64 and a beta of 0.60. 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, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42. The company has a fifty day moving average of $108.25 and a 200-day moving average of $101.26.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same quarter in the previous year, the company posted $2.07 earnings per share. As a group, equities research analysts predict that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.86 per share. The ex-dividend date was Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 2.94%. IDACORP’s dividend payout ratio (DPR) is 63.82%.

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.