Entropy Technologies LP Buys 3,536 Shares of IDACORP, Inc. (NYSE:IDA)

Entropy Technologies LP boosted its stake in shares of IDACORP, Inc. (NYSE:IDA) by 156.2% in the third quarter, Holdings Channel reports. The institutional investor owned 5,800 shares of the energy company’s stock after purchasing an additional 3,536 shares during the period. Entropy Technologies LP’s holdings in IDACORP were worth $598,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in IDACORP during the 3rd quarter valued at $26,000. Rise Advisors LLC boosted its stake in IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company’s stock valued at $34,000 after purchasing an additional 146 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in IDACORP during the 2nd quarter valued at $35,000. Eastern Bank purchased a new stake in IDACORP during the 3rd quarter valued at $52,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in IDACORP during the 2nd quarter valued at $71,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

IDACORP Price Performance

NYSE IDA opened at $116.74 on Friday. The company has a market capitalization of $6.22 billion, a PE ratio of 21.66, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. The business’s fifty day moving average is $104.94 and its 200 day moving average is $99.54. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $119.65.

IDACORP (NYSE:IDA) last released its 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). The company had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same quarter last year, the firm posted $2.07 earnings per share. Sell-side analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a yield of 2.95%. IDACORP’s dividend payout ratio (DPR) is currently 63.82%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IDA shares. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and raised their price target for the stock from $113.00 to $117.00 in a research note on Tuesday, November 5th. Morgan Stanley raised 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 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. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Finally, Jefferies Financial Group started coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $108.83.

IDACORP Company 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.