Lord Abbett & CO. LLC Buys 12,698 Shares of IDACORP, Inc. (NYSE:IDA)

Lord Abbett & CO. LLC grew its stake in IDACORP, Inc. (NYSE:IDA) by 5.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,743 shares of the energy company’s stock after buying an additional 12,698 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.44% of IDACORP worth $23,890,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Legacy Investment Solutions LLC purchased a new stake in IDACORP in the 3rd quarter worth approximately $25,000. V Square Quantitative Management LLC bought a new position in shares of IDACORP in the third quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of IDACORP in the second quarter worth $35,000. Avior Wealth Management LLC raised its position in shares of IDACORP by 35.9% during the 3rd quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock valued at $46,000 after purchasing an additional 117 shares during the period. Finally, Eastern Bank purchased a new position in shares of IDACORP during the 3rd quarter valued at $52,000. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Down 0.1 %

Shares of IDA opened at $113.06 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 2.51 and a beta of 0.64. IDACORP, Inc. has a 1 year low of $86.43 and a 1 year high of $120.42. The business’s 50 day simple moving average is $110.64 and its 200-day simple moving average is $102.55.

IDACORP (NYSE:IDA) last announced its quarterly earnings results 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). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the prior year, the firm posted $2.07 EPS. As a group, equities analysts expect that IDACORP, Inc. will post 5.41 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were issued a $0.86 dividend. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date was Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.04%. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

Analyst Upgrades and Downgrades

IDA has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their target price on IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday. Bank of America raised IDACORP from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Finally, Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $102.00 to $116.00 in a research report on Friday, November 1st. One equities 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. Based on data from MarketBeat, IDACORP has an average rating of “Hold” and an average price target of $111.00.

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.