IDACORP, Inc. (NYSE:IDA) Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. cut its stake in IDACORP, Inc. (NYSE:IDA) by 6.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,201 shares of the energy company’s stock after selling 150 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in IDACORP were worth $227,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IDA. Clean Energy Transition LLP acquired a new stake in shares of IDACORP in the 2nd quarter worth about $49,103,000. Nuance Investments LLC increased its stake in shares of IDACORP by 19.0% in the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock valued at $103,813,000 after purchasing an additional 178,294 shares during the period. Deprince Race & Zollo Inc. raised its holdings in shares of IDACORP by 30.8% during the second 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 during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of IDACORP during the second quarter worth approximately $8,032,000. Finally, F M Investments LLC bought a new position in IDACORP in the 2nd quarter worth approximately $5,236,000. 89.10% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley lifted their target price on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One investment 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $108.83.

IDACORP Price Performance

Shares of IDACORP stock opened at $116.74 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93. The company’s 50-day moving average price is $104.94 and its two-hundred day moving average price is $99.54. IDACORP, Inc. has a 52 week low of $86.43 and a 52 week high of $119.65. The stock has a market cap of $6.22 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 2.61 and a beta of 0.60.

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

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.95%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is currently 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.