Bank of Nova Scotia acquired a new stake in IDACORP, Inc. (NYSE:IDA – Get Rating) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,447 shares of the energy company’s stock, valued at approximately $264,000.
Other hedge funds also recently bought and sold shares of the company. FourThought Financial LLC grew its position in IDACORP by 125.4% in the 3rd quarter. FourThought Financial LLC now owns 257 shares of the energy company’s stock valued at $25,000 after acquiring an additional 143 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of IDACORP in the 4th quarter worth $33,000. Belpointe Asset Management LLC purchased a new stake in shares of IDACORP in the 4th quarter worth $35,000. Crewe Advisors LLC purchased a new stake in shares of IDACORP in the 4th quarter worth $35,000. Finally, Cohen & Steers Inc. lifted its holdings in shares of IDACORP by 33.8% in the 1st quarter. Cohen & Steers Inc. now owns 400 shares of the energy company’s stock worth $46,000 after buying an additional 101 shares during the period. Institutional investors own 79.38% of the company’s stock.
Analyst Ratings Changes
Several brokerages have weighed in on IDA. Wells Fargo & Company lowered their target price on IDACORP from $113.00 to $110.00 and set an “equal weight” rating for the company in a report on Friday, February 17th. 1-800-FLOWERS.COM reiterated a “maintains” rating on shares of IDACORP in a report on Friday, May 5th. StockNews.com started coverage on IDACORP in a report on Thursday, May 18th. They issued a “sell” rating for the company. Finally, Mizuho cut IDACORP from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $117.00 to $107.00 in a research note on Tuesday, April 4th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $106.67.
IDACORP Trading Down 1.3 %
IDACORP (NYSE:IDA – Get Rating) last announced its earnings results on Thursday, May 4th. The energy company reported $1.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.16. IDACORP had a return on equity of 9.65% and a net margin of 15.54%. The company had revenue of $429.66 million for the quarter, compared to analyst estimates of $346.62 million. During the same period in the prior year, the company posted $0.91 EPS. Equities research analysts expect that IDACORP, Inc. will post 5.07 EPS for the current fiscal year.
IDACORP Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Wednesday, May 3rd will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Tuesday, May 2nd. IDACORP’s dividend payout ratio is currently 59.51%.
About IDACORP
IDACORP, Inc is a holding company, which engages in the generation, transmission, distribution, sale, and purchase of electric energy. It operates through the Utilities Operations and All Other segments. The Utilities Operations segment focuses on the production of electricity. The All Others segment consists of IFS’s investments in affordable housing developments and historic rehabilitation projects and Ida-West’s joint venture investments in small hydropower generation projects.
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