Hilton Capital Management LLC Raises Holdings in IDACORP, Inc. (NYSE:IDA)

Hilton Capital Management LLC raised its position in IDACORP, Inc. (NYSE:IDA) by 4.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 16,930 shares of the energy company’s stock after purchasing an additional 788 shares during the period. Hilton Capital Management LLC’s holdings in IDACORP were worth $1,850,000 at the end of the most recent quarter.

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

IDACORP Price Performance

Shares of IDA opened at $115.10 on Friday. The company has a market cap of $6.21 billion, a P/E ratio of 21.00, a PEG ratio of 2.32 and a beta of 0.59. IDACORP, Inc. has a fifty-two week low of $88.70 and a fifty-two week high of $120.42. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average price is $111.24 and its 200 day moving average price is $109.16.

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

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Wednesday, February 5th were paid a $0.86 dividend. The ex-dividend date was Wednesday, February 5th. This represents a $3.44 annualized dividend and a yield of 2.99%. IDACORP’s dividend payout ratio is currently 62.77%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research note on Thursday, January 23rd. Bank of America upped their target price on shares of IDACORP from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, March 3rd. Morgan Stanley boosted their price target on shares of IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, December 13th. Finally, Jefferies Financial Group lowered their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating for the company in a research report on Tuesday, January 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $118.20.

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.