Energy Income Partners LLC decreased its position in IDACORP Inc (NYSE:IDA) by 7.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 280,798 shares of the coal producer’s stock after selling 21,934 shares during the quarter. Energy Income Partners LLC’s holdings in IDACORP were worth $28,201,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the stock. Morgan Stanley raised its stake in IDACORP by 39.8% in the 2nd quarter. Morgan Stanley now owns 277,006 shares of the coal producer’s stock valued at $27,819,000 after purchasing an additional 78,858 shares during the last quarter. AQR Capital Management LLC raised its stake in IDACORP by 27.6% in the 2nd quarter. AQR Capital Management LLC now owns 334,531 shares of the coal producer’s stock valued at $33,597,000 after purchasing an additional 72,434 shares during the last quarter. Paloma Partners Management Co raised its stake in IDACORP by 1,910.1% in the 2nd quarter. Paloma Partners Management Co now owns 144,145 shares of the coal producer’s stock valued at $14,476,000 after purchasing an additional 136,974 shares during the last quarter. Man Group plc raised its stake in IDACORP by 97.9% in the 2nd quarter. Man Group plc now owns 372,538 shares of the coal producer’s stock valued at $37,415,000 after purchasing an additional 184,306 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in IDACORP by 19.3% in the 2nd quarter. Bank of America Corp DE now owns 269,155 shares of the coal producer’s stock valued at $27,031,000 after purchasing an additional 43,563 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research downgraded shares of IDACORP from a “hold” rating to a “sell” rating and set a $108.00 target price for the company. in a research note on Friday, July 26th.
In other news, COO Lisa A. Grow sold 750 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $108.26, for a total transaction of $81,195.00. Following the completion of the transaction, the chief operating officer now owns 14,247 shares of the company’s stock, valued at approximately $1,542,380.22. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.54% of the company’s stock.
NYSE IDA opened at $110.75 on Friday. IDACORP Inc has a 12 month low of $89.31 and a 12 month high of $111.83. The company has a 50-day moving average of $107.39 and a 200-day moving average of $102.70. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.03 and a quick ratio of 1.64. The company has a market cap of $4.29 billion, a P/E ratio of 24.67, a P/E/G ratio of 6.35 and a beta of 0.24.
IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, August 1st. The coal producer reported $1.05 EPS for the quarter, missing the Zacks’ consensus estimate of $1.17 by ($0.12). IDACORP had a net margin of 16.16% and a return on equity of 9.40%. The company had revenue of $316.90 million for the quarter, compared to analyst estimates of $327.38 million. During the same period in the prior year, the company earned $1.23 EPS. As a group, equities research analysts anticipate that IDACORP Inc will post 4.46 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 5th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, August 2nd. IDACORP’s dividend payout ratio is currently 56.12%.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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