Hsbc Holdings PLC Buys Shares of 2,610 IDACORP, Inc. (NYSE:IDA)

Hsbc Holdings PLC bought a new position in IDACORP, Inc. (NYSE:IDA) in the second quarter, HoldingsChannel reports. The fund bought 2,610 shares of the energy company’s stock, valued at approximately $243,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Nuance Investments LLC bought a new stake in IDACORP in the first quarter worth $86,962,000. Wellington Management Group LLP grew its position in IDACORP by 50.3% in the 4th quarter. Wellington Management Group LLP now owns 1,634,463 shares of the energy company’s stock worth $160,700,000 after purchasing an additional 546,818 shares during the last quarter. Balyasny Asset Management L.P. grew its position in IDACORP by 128.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 394,857 shares of the energy company’s stock worth $38,822,000 after buying an additional 221,777 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of IDACORP by 59.1% during the 1st 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 in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in IDACORP in the second quarter valued at about $8,032,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Trading Down 0.1 %

Shares of IDA stock opened at $101.60 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. The stock has a 50 day simple moving average of $102.17 and a two-hundred day simple moving average of $96.57. The company has a market cap of $5.41 billion, a P/E ratio of 20.40, a PEG ratio of 3.46 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. The business had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. During the same quarter last year, the firm earned $1.35 EPS. Research analysts forecast that IDACORP, Inc. will post 5.39 earnings per share for the current year.

IDACORP Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 5th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Monday, August 5th. IDACORP’s dividend payout ratio (DPR) is presently 66.67%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IDA. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company lifted their target price on shares of IDACORP from $98.00 to $106.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Bank of America assumed coverage on shares of IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. One analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.57.

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.