Redmond Asset Management LLC Acquires Shares of 2,041 IDACORP, Inc. (NYSE:IDA)

Redmond Asset Management LLC acquired a new stake in IDACORP, Inc. (NYSE:IDA) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,041 shares of the energy company’s stock, valued at approximately $223,000.

Other hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in IDACORP by 98.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after acquiring an additional 120 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of IDACORP in the third quarter valued at approximately $25,000. Versant Capital Management Inc lifted its holdings in shares of IDACORP by 2,150.0% in the fourth quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after purchasing an additional 301 shares in the last quarter. Independence Bank of Kentucky lifted its holdings in shares of IDACORP by 123.6% in the fourth quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock valued at $44,000 after purchasing an additional 225 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of IDACORP by 35.9% in the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after purchasing an additional 117 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Performance

Shares of IDACORP stock opened at $113.98 on Friday. The business’s fifty day simple moving average is $109.90 and its 200 day simple moving average is $107.95. The firm has a market capitalization of $6.07 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 2.32 and a beta of 0.65. IDACORP, Inc. has a 12 month low of $86.47 and a 12 month high of $120.42. The company has a current ratio of 1.70, a quick ratio of 1.34 and a debt-to-equity ratio of 0.93.

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

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.86 per share. The ex-dividend date is Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.02%. IDACORP’s dividend payout ratio is presently 62.77%.

Analyst Ratings Changes

A number of research firms have recently weighed in on IDA. Jefferies Financial Group dropped their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their target price for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $102.00 to $116.00 in a report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $116.20.

IDACORP 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.