River Road Asset Management LLC Has $17.14 Million Position in IDACORP, Inc. (NYSE:IDA)

River Road Asset Management LLC cut its stake in IDACORP, Inc. (NYSE:IDA) by 61.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 166,298 shares of the energy company’s stock after selling 261,980 shares during the quarter. River Road Asset Management LLC’s holdings in IDACORP were worth $17,144,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nuance Investments LLC acquired a new position in IDACORP in the 1st quarter worth about $86,962,000. Clean Energy Transition LLP bought a new stake in shares of IDACORP in the 2nd quarter valued at approximately $49,103,000. Deprince Race & Zollo Inc. increased its holdings in IDACORP by 30.8% in the second quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock worth $53,667,000 after buying an additional 135,793 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in IDACORP during the second quarter valued at approximately $8,032,000. Finally, Reaves W H & Co. Inc. lifted its stake in IDACORP by 120.5% in the first quarter. Reaves W H & Co. Inc. now owns 138,804 shares of the energy company’s stock valued at $12,893,000 after acquiring an additional 75,846 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IDA shares. StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Jefferies Financial Group started coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Morgan Stanley upped their price target on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $113.00 to $117.00 in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $108.83.

IDACORP Price Performance

Shares of NYSE:IDA opened at $107.31 on Tuesday. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 3.58 and a beta of 0.60. The business has a 50 day moving average price of $103.02 and a 200 day moving average price of $98.48. 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, Inc. has a twelve month low of $86.43 and a twelve month high of $109.47.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the prior year, the company posted $2.07 earnings per share. Research analysts predict that IDACORP, Inc. will post 5.35 earnings per share for the current year.

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.21%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is currently 61.60%.

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.