Magellan Asset Management Ltd Reduces Stock Position in IDACORP, Inc. (NYSE:IDA)

Magellan Asset Management Ltd decreased its holdings in IDACORP, Inc. (NYSE:IDA) by 20.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,454 shares of the energy company’s stock after selling 9,530 shares during the period. Magellan Asset Management Ltd owned 0.07% of IDACORP worth $4,093,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Diversified Trust Co bought a new stake in shares of IDACORP in the 4th quarter valued at approximately $704,000. Assenagon Asset Management S.A. purchased a new stake in IDACORP during the 4th quarter valued at $913,000. JPMorgan Chase & Co. lifted its position in IDACORP by 7.0% in the third quarter. JPMorgan Chase & Co. now owns 343,400 shares of the energy company’s stock worth $35,401,000 after buying an additional 22,485 shares during the last quarter. Apollon Wealth Management LLC purchased a new position in IDACORP during the fourth quarter worth $213,000. Finally, Van ECK Associates Corp increased its position in IDACORP by 14.2% during the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after acquiring an additional 2,056 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 1.6 %

IDA opened at $119.27 on Thursday. 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 stock’s fifty day moving average is $113.26 and its two-hundred day moving average is $110.49. The company has a market capitalization of $6.44 billion, a P/E ratio of 21.76, a PEG ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a 52 week low of $88.70 and a 52 week high of $120.42.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.63 by $0.07. IDACORP had a return on equity of 9.23% and a net margin of 15.83%. The firm had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. Analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Wednesday, February 5th. IDACORP’s dividend payout ratio (DPR) is 62.77%.

Analysts Set New Price Targets

IDA has been the subject of several analyst reports. UBS Group raised their target price on shares of IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Morgan Stanley boosted their target price on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a report on Monday, March 3rd. Finally, Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, IDACORP has a consensus rating of “Hold” and a consensus price target of $120.50.

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.