Avantax Advisory Services Inc. Lowers Stock Holdings in IDACORP, Inc. (NYSE:IDA)

Avantax Advisory Services Inc. cut its stake in shares of IDACORP, Inc. (NYSE:IDA) by 10.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,513 shares of the energy company’s stock after selling 524 shares during the period. Avantax Advisory Services Inc.’s holdings in IDACORP were worth $493,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new position in shares of IDACORP in the third quarter valued at approximately $25,000. MassMutual Private Wealth & Trust FSB grew its position in IDACORP by 98.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 242 shares of the energy company’s stock valued at $26,000 after buying an additional 120 shares during the last quarter. Versant Capital Management Inc increased its stake in IDACORP by 2,150.0% in the 4th quarter. Versant Capital Management Inc now owns 315 shares of the energy company’s stock valued at $34,000 after buying an additional 301 shares during the period. Independence Bank of Kentucky raised its position in IDACORP by 123.6% during the 4th quarter. Independence Bank of Kentucky now owns 407 shares of the energy company’s stock worth $44,000 after buying an additional 225 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of IDACORP in the 4th quarter worth $45,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on IDA shares. Morgan Stanley boosted their price target on shares of IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Thursday. Jefferies Financial Group cut their target price on IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research note on Tuesday, January 28th. UBS Group lifted their price target on IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America increased their price objective on IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. Finally, Guggenheim upgraded shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $120.50.

IDACORP Stock Performance

Shares of IDA stock opened at $114.32 on Monday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The stock has a market cap of $6.17 billion, a PE ratio of 20.86, a P/E/G ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a 1 year low of $88.70 and a 1 year high of $120.42. The stock has a fifty day moving average price of $112.22 and a 200 day moving average price of $109.88.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.63 by $0.07. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. The business had revenue of $398.13 million for the quarter, compared to analyst estimates of $403.21 million. Sell-side analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Wednesday, February 5th were given a dividend of $0.86 per share. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.01%. IDACORP’s dividend payout ratio is currently 62.77%.

About IDACORP

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.