Versant Capital Management Inc Grows Stock Position in IDACORP, Inc. (NYSE:IDA)

Versant Capital Management Inc lifted its stake in IDACORP, Inc. (NYSE:IDA) by 2,150.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 315 shares of the energy company’s stock after buying an additional 301 shares during the quarter. Versant Capital Management Inc’s holdings in IDACORP were worth $34,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Algert Global LLC boosted its position in IDACORP by 42.5% in the 3rd quarter. Algert Global LLC now owns 35,383 shares of the energy company’s stock worth $3,648,000 after purchasing an additional 10,550 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of IDACORP in the 2nd quarter valued at $1,833,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IDACORP by 67.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock worth $4,918,000 after buying an additional 19,274 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in IDACORP during the third quarter valued at $3,228,000. Finally, XTX Topco Ltd purchased a new position in IDACORP in the second quarter valued at $577,000. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Stock Down 1.4 %

NYSE IDA opened at $107.39 on Tuesday. The business has a fifty day moving average price of $112.79 and a 200 day moving average price of $104.49. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The company has a market cap of $5.72 billion, a P/E ratio of 19.92, a P/E/G ratio of 2.51 and a beta of 0.65. IDACORP, Inc. has a one year low of $86.43 and a one year high of $120.42.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter last year, the company earned $2.07 earnings per share. Research analysts anticipate that IDACORP, Inc. will post 5.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were issued a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Tuesday, November 5th. IDACORP’s payout ratio is currently 63.82%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IDA. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and increased their price target for the stock from $113.00 to $117.00 in a research report on Tuesday, November 5th. Jefferies Financial Group assumed coverage on IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Morgan Stanley increased their target price on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Finally, StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $111.00.

IDACORP Company 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.