Phillips Wealth Planners LLC Cuts Stake in IDACORP, Inc. (NYSE:IDA)

by · The Cerbat Gem

Phillips Wealth Planners LLC cut its position in IDACORP, Inc. (NYSE:IDA – Free Report) by 4.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 3,452 shares of the energy company’s stock after selling 162 shares during the period. Phillips Wealth Planners LLC’s holdings in IDACORP were worth $361,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in IDACORP by 59.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 391,388 shares of the energy company’s stock worth $36,356,000 after purchasing an additional 145,316 shares during the last quarter. State of Michigan Retirement System increased its holdings in IDACORP by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 12,420 shares of the energy company’s stock worth $1,154,000 after acquiring an additional 300 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of IDACORP by 13.8% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,210 shares of the energy company’s stock worth $298,000 after purchasing an additional 390 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of IDACORP by 6.6% in the first quarter. Commonwealth Equity Services LLC now owns 19,127 shares of the energy company’s stock worth $1,777,000 after purchasing an additional 1,185 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of IDACORP by 42.4% during the 1st quarter. BNP Paribas Financial Markets now owns 11,635 shares of the energy company’s stock valued at $1,081,000 after purchasing an additional 3,464 shares during the period. Institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 2.3 %

Shares of NYSE:IDA opened at $105.86 on Friday. The company has a market capitalization of $5.64 billion, a PE ratio of 19.82, a P/E/G ratio of 3.43 and a beta of 0.60. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $109.47. The business’s fifty day simple moving average is $102.92 and its 200-day simple moving average is $98.25.

IDACORP (NYSE:IDA – Get Free Report) last issued its quarterly 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). IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The business had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same period in the previous year, the company posted $2.07 earnings per share. As a group, equities research analysts predict that IDACORP, Inc. will post 5.39 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 3.25%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. IDACORP’s dividend payout ratio is presently 62.17%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America started coverage on IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Wells Fargo & Company increased their price target on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $102.00 to $116.00 in a research note on Friday. Finally, Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $107.67.

Read Our Latest Research Report on IDACORP

About IDACORP

(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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