IDACORP, Inc. (NYSE:IDA) Short Interest Update

by · The Markets Daily

IDACORP, Inc. (NYSE:IDA – Get Free Report) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 662,600 shares, a decline of 9.5% from the October 15th total of 732,400 shares. Based on an average trading volume of 307,400 shares, the short-interest ratio is presently 2.2 days.

Institutional Investors Weigh In On IDACORP

Several hedge funds have recently bought and sold shares of IDA. Clean Energy Transition LLP bought a new stake in IDACORP during the second quarter worth about $49,103,000. Wellington Management Group LLP boosted its stake in IDACORP by 17.7% during the third quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after acquiring an additional 359,553 shares in the last quarter. Nuance Investments LLC boosted its stake in IDACORP by 19.0% during the second quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after acquiring an additional 178,294 shares in the last quarter. Deprince Race & Zollo Inc. lifted its stake in shares of IDACORP by 30.8% in the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after buying an additional 135,793 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of IDACORP by 5.5% in the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock worth $170,789,000 after buying an additional 86,642 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IDA shares. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $102.00 to $116.00 in a report on Friday, November 1st. StockNews.com cut shares of IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Wells Fargo & Company lifted their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They issued a “hold” rating and a $110.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $108.83.

Check Out Our Latest Research Report on IDA

IDACORP Trading Up 1.1 %

Shares of NYSE IDA traded up $1.32 during midday trading on Monday, hitting $118.51. 223,686 shares of the company traded hands, compared to its average volume of 349,378. IDACORP has a 12-month low of $86.43 and a 12-month high of $119.65. 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 stock has a 50-day moving average price of $105.52 and a 200 day moving average price of $99.92. The firm has a market cap of $6.31 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.61 and a beta of 0.60.

IDACORP (NYSE:IDA – Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The company had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same quarter in the prior year, the firm earned $2.07 EPS. As a group, analysts expect that IDACORP will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 annualized dividend and a yield of 2.90%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is presently 63.82%.

IDACORP Company Profile

(Get Free Report)

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.

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