Fortem Financial Group LLC Trims Holdings in IDACORP, Inc. (NYSE:IDA)

Fortem Financial Group LLC reduced its position in shares of IDACORP, Inc. (NYSE:IDA) by 23.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 7,143 shares of the energy company’s stock after selling 2,158 shares during the quarter. Fortem Financial Group LLC’s holdings in IDACORP were worth $736,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of IDACORP by 17.7% during the third quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock valued at $246,367,000 after buying an additional 359,553 shares during the period. State Street Corp lifted its stake in shares of IDACORP by 5.5% during the 3rd quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after purchasing an additional 86,642 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of IDACORP by 1.7% during the second quarter. Victory Capital Management Inc. now owns 1,445,991 shares of the energy company’s stock worth $134,694,000 after purchasing an additional 23,925 shares during the last quarter. Nuance Investments LLC grew its position 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. Finally, Geode Capital Management LLC grew its position in shares of IDACORP by 3.9% in the third quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company’s stock valued at $97,981,000 after purchasing an additional 36,063 shares during the period. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IDA. Wells Fargo & Company increased their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $102.00 to $116.00 in a report on Friday, November 1st. Jefferies Financial Group began coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Finally, Morgan Stanley lifted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $108.83.

IDACORP Price Performance

IDA stock opened at $112.86 on Wednesday. The stock’s 50 day moving average is $109.98 and its two-hundred day moving average is $102.15. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $120.42. The company has a market capitalization of $6.01 billion, a PE ratio of 20.94, a P/E/G ratio of 2.56 and a beta of 0.64. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

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

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th were given a $0.86 dividend. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.05%. IDACORP’s dividend payout ratio (DPR) is presently 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.