IDACORP, Inc. (NYSE:IDA) Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 27.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 110,800 shares of the energy company’s stock after buying an additional 24,100 shares during the quarter. Renaissance Technologies LLC owned about 0.21% of IDACORP worth $12,108,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Diversified Trust Co acquired a new position in IDACORP during the fourth quarter worth approximately $704,000. Assenagon Asset Management S.A. acquired a new stake in shares of IDACORP during the 4th quarter worth $913,000. JPMorgan Chase & Co. raised its position in shares of IDACORP by 7.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 343,400 shares of the energy company’s stock worth $35,401,000 after buying an additional 22,485 shares during the period. Apollon Wealth Management LLC acquired a new position in IDACORP in the fourth quarter valued at $213,000. Finally, Van ECK Associates Corp grew its position in IDACORP by 14.2% during the fourth quarter. Van ECK Associates Corp now owns 16,550 shares of the energy company’s stock valued at $1,809,000 after acquiring an additional 2,056 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IDA shares. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. UBS Group boosted their price objective on shares of IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Morgan Stanley lifted their target price on shares of IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Bank of America boosted their price objective on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research note on Monday, March 3rd. Finally, Jefferies Financial Group upgraded IDACORP from a “hold” rating to a “buy” rating in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $120.50.

IDACORP Price Performance

Shares of NYSE IDA opened at $119.51 on Wednesday. The business has a 50 day moving average price of $114.62 and a two-hundred day moving average price of $111.43. IDACORP, Inc. has a fifty-two week low of $88.70 and a fifty-two week high of $120.84. The firm has a market cap of $6.46 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56. The company has a quick ratio of 1.34, a current ratio of 1.70 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. Sell-side analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were paid a $0.86 dividend. The ex-dividend date of this dividend was Wednesday, February 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.88%. IDACORP’s dividend payout ratio (DPR) is 62.77%.

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.