Oppenheimer Asset Management Inc. Sells 124 Shares of IDACORP, Inc. (NYSE:IDA)

Oppenheimer Asset Management Inc. lessened its stake in IDACORP, Inc. (NYSE:IDA) by 1.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,936 shares of the energy company’s stock after selling 124 shares during the period. Oppenheimer Asset Management Inc.’s holdings in IDACORP were worth $1,024,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. MQS Management LLC bought a new stake in shares of IDACORP in the 3rd quarter valued at about $506,000. GSA Capital Partners LLP bought a new position in IDACORP during the 3rd quarter valued at approximately $3,228,000. Entropy Technologies LP raised its position in IDACORP by 156.2% during the 3rd quarter. Entropy Technologies LP now owns 5,800 shares of the energy company’s stock valued at $598,000 after purchasing an additional 3,536 shares during the last quarter. Versor Investments LP bought a new position in IDACORP during the 3rd quarter valued at approximately $463,000. Finally, Crossmark Global Holdings Inc. raised its position in IDACORP by 57.4% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,415 shares of the energy company’s stock valued at $558,000 after purchasing an additional 1,975 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

Analyst Ratings Changes

IDA has been the subject of a number of recent analyst reports. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Jefferies Financial Group initiated coverage on IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Wells Fargo & Company upped their price target on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their price target on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, IDACORP presently has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Stock Performance

IDACORP stock opened at $118.51 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $6.31 billion, a P/E ratio of 21.99, a PEG ratio of 2.61 and a beta of 0.60. The stock’s 50 day moving average is $105.52 and its 200 day moving average is $99.92. IDACORP, Inc. has a twelve month low of $86.43 and a twelve month high of $119.65.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). The company 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 earned $2.07 EPS. On average, equities research analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be given a $0.86 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 2.90%. IDACORP’s dividend payout ratio is 63.82%.

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.