Wellington Management Group LLP Raises Position in IDACORP, Inc. (NYSE:IDA)

Wellington Management Group LLP raised its position in shares of IDACORP, Inc. (NYSE:IDA) by 43.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 3,424,956 shares of the energy company’s stock after acquiring an additional 1,035,133 shares during the period. Wellington Management Group LLP owned approximately 0.06% of IDACORP worth $374,279,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of IDACORP by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 6,046,723 shares of the energy company’s stock valued at $660,786,000 after purchasing an additional 77,230 shares during the period. State Street Corp lifted its position in IDACORP by 5.5% during the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after buying an additional 86,642 shares during the period. Reaves W H & Co. Inc. boosted its holdings in shares of IDACORP by 75.4% during the 4th quarter. Reaves W H & Co. Inc. now owns 998,383 shares of the energy company’s stock valued at $109,103,000 after buying an additional 429,276 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of IDACORP by 3.9% during the 3rd quarter. Geode Capital Management LLC now owns 950,206 shares of the energy company’s stock valued at $97,981,000 after buying an additional 36,063 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of IDACORP by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 699,579 shares of the energy company’s stock worth $76,450,000 after buying an additional 7,286 shares during the period. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Trading Up 1.0 %

IDACORP stock opened at $117.36 on Wednesday. IDACORP, Inc. has a one year low of $88.70 and a one year high of $120.42. The business’s fifty day moving average is $113.03 and its 200 day moving average is $110.43. The stock has a market capitalization of $6.33 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, February 20th. The energy company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $398.13 million during the quarter, compared to analyst estimates of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. On average, sell-side analysts predict that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.93%. IDACORP’s dividend payout ratio (DPR) is currently 62.77%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Jefferies Financial Group dropped their price objective on shares of IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, January 28th. Guggenheim raised IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America raised their price objective on 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 target price on IDACORP from $126.00 to $131.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Finally, UBS Group increased their target price on IDACORP from $117.00 to $122.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $120.50.

IDACORP Profile

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.