Entropy Technologies LP Boosts Stock Position in IDACORP, Inc. (NYSE:IDA)

Entropy Technologies LP lifted its position in IDACORP, Inc. (NYSE:IDA) by 156.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,800 shares of the energy company’s stock after purchasing an additional 3,536 shares during the quarter. Entropy Technologies LP’s holdings in IDACORP were worth $598,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new position in shares of IDACORP in the 3rd quarter worth about $26,000. Rise Advisors LLC boosted its holdings in shares of IDACORP by 65.8% in the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock worth $34,000 after purchasing an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in shares of IDACORP in the 2nd quarter worth about $35,000. Eastern Bank purchased a new position in shares of IDACORP in the 3rd quarter worth about $52,000. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of IDACORP in the 2nd quarter worth about $71,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on IDA. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the company from $102.00 to $116.00 in a report on Friday, November 1st. StockNews.com cut IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their target price on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley increased their target price on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $108.83.

IDACORP Trading Down 0.5 %

IDA opened at $116.74 on Friday. The business has a 50 day simple moving average of $104.94 and a two-hundred day simple moving average of $99.54. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 2.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. IDACORP, Inc. has a one year low of $86.43 and a one year high of $119.65.

IDACORP (NYSE:IDA) last announced its 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 return on equity of 9.17% and a net margin of 15.35%. The firm had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same period in the prior year, the company posted $2.07 EPS. Analysts predict that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.95%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is currently 63.82%.

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.