AGP Franklin LLC Invests $338,000 in IDACORP, Inc. (NYSE:IDA)

AGP Franklin LLC bought a new stake in shares of IDACORP, Inc. (NYSE:IDA) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,090 shares of the energy company’s stock, valued at approximately $338,000.

A number of other institutional investors have also recently added to or reduced their stakes in IDA. Diversified Trust Co acquired a new position in shares of IDACORP during the fourth quarter worth about $704,000. Assenagon Asset Management S.A. acquired a new stake in IDACORP in the fourth quarter valued at approximately $913,000. JPMorgan Chase & Co. raised its stake in shares of IDACORP by 7.0% during the third quarter. JPMorgan Chase & Co. now owns 343,400 shares of the energy company’s stock valued at $35,401,000 after purchasing an additional 22,485 shares during the period. Apollon Wealth Management LLC acquired a new position in shares of IDACORP during the fourth quarter worth $213,000. Finally, Van ECK Associates Corp boosted its stake in shares of IDACORP by 14.2% in the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after purchasing an additional 2,056 shares during the period. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. UBS Group increased their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday, April 2nd. Bank of America upped their target price on IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Finally, Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, IDACORP currently has an average rating of “Hold” and an average price target of $120.50.

IDACORP Price Performance

Shares of IDA opened at $119.28 on Tuesday. IDACORP, Inc. has a 52 week low of $88.70 and a 52 week high of $120.84. 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 firm has a market cap of $6.44 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 2.32 and a beta of 0.56. The stock has a 50 day moving average of $114.45 and a 200-day moving average of $111.37.

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

IDACORP Announces Dividend

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

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.