Connor Clark & Lunn Investment Management Ltd. Raises Stake in IDACORP, Inc. (NYSE:IDA)

Connor Clark & Lunn Investment Management Ltd. lifted its position in IDACORP, Inc. (NYSE:IDA) by 67.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,707 shares of the energy company’s stock after purchasing an additional 19,274 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in IDACORP were worth $4,918,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in IDACORP by 1,020.9% in the 1st quarter. Advisors Asset Management Inc. now owns 2,253 shares of the energy company’s stock worth $209,000 after buying an additional 2,052 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of IDACORP by 4.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 55,144 shares of the energy company’s stock worth $5,123,000 after acquiring an additional 2,158 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of IDACORP during the first quarter worth about $314,000. Tidal Investments LLC grew its position in shares of IDACORP by 120.6% during the first quarter. Tidal Investments LLC now owns 9,341 shares of the energy company’s stock worth $867,000 after purchasing an additional 5,106 shares in the last quarter. Finally, Atria Investments Inc purchased a new position in IDACORP in the 1st quarter worth approximately $1,023,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IDA. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and increased their price objective for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $102.00 to $116.00 in a report on Friday, November 1st. Morgan Stanley increased their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Wells Fargo & Company lifted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Jefferies Financial Group started coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $108.83.

IDACORP Stock Up 0.1 %

Shares of NYSE:IDA opened at $118.91 on Friday. The company has a 50-day moving average price of $106.71 and a 200 day moving average price of $100.51. 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, Inc. has a 12 month low of $86.43 and a 12 month high of $120.02. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 22.06, a PEG ratio of 2.64 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The company had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same quarter last year, the firm posted $2.07 EPS. As a group, equities research analysts predict that IDACORP, Inc. will post 5.42 earnings per share 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 issued a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.89%. The ex-dividend date is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio (DPR) is 63.82%.

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.