Mountain Pacific Investment Advisers LLC Cuts Stake in IDACORP, Inc. (NYSE:IDA)

Mountain Pacific Investment Advisers LLC lowered its stake in shares of IDACORP, Inc. (NYSE:IDA) by 18.8% during the third quarter, Holdings Channel.com reports. The firm owned 2,165 shares of the energy company’s stock after selling 500 shares during the quarter. Mountain Pacific Investment Advisers LLC’s holdings in IDACORP were worth $223,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. CWM LLC boosted its position in IDACORP by 63.0% during the third quarter. CWM LLC now owns 1,475 shares of the energy company’s stock valued at $152,000 after purchasing an additional 570 shares in the last quarter. Fulton Bank N.A. boosted its position in IDACORP by 12.8% during the third quarter. Fulton Bank N.A. now owns 3,476 shares of the energy company’s stock valued at $358,000 after purchasing an additional 395 shares in the last quarter. SG Americas Securities LLC boosted its position in IDACORP by 44.3% during the third quarter. SG Americas Securities LLC now owns 15,628 shares of the energy company’s stock valued at $1,611,000 after purchasing an additional 4,800 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in IDACORP during the second quarter valued at about $116,000. Finally, Sanctuary Advisors LLC bought a new stake in IDACORP during the second quarter valued at about $591,000. Institutional investors own 89.10% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IDA shares. Bank of America initiated coverage on IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective on the stock. Jefferies Financial Group initiated coverage on IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Wells Fargo & Company raised their price target on IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley raised their price target on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $103.57.

IDACORP Price Performance

Shares of NYSE IDA opened at $100.80 on Thursday. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $105.24. The business’s 50 day moving average price is $102.43 and its 200 day moving average price is $96.91. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a market cap of $5.37 billion, a P/E ratio of 20.24, a P/E/G ratio of 3.46 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.37 by $0.34. The business had revenue of $451.04 million for the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period in the prior year, the firm earned $1.35 EPS. On average, sell-side analysts expect that IDACORP, Inc. will post 5.39 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 5th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.29%. The ex-dividend date was Monday, August 5th. IDACORP’s dividend payout ratio is currently 66.67%.

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.