Heritage Family Offices LLP Invests $221,000 in IDACORP, Inc. (NYSE:IDA)

Heritage Family Offices LLP purchased a new position in shares of IDACORP, Inc. (NYSE:IDA) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,026 shares of the energy company’s stock, valued at approximately $221,000.

Other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its position in shares of IDACORP by 0.8% in the 3rd quarter. M&T Bank Corp now owns 10,992 shares of the energy company’s stock worth $1,133,000 after buying an additional 92 shares in the last quarter. Trust Point Inc. raised its position in IDACORP by 1.4% during the third quarter. Trust Point Inc. now owns 7,374 shares of the energy company’s stock worth $760,000 after acquiring an additional 101 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of IDACORP by 7.5% in the third quarter. Blue Trust Inc. now owns 1,523 shares of the energy company’s stock valued at $157,000 after purchasing an additional 106 shares in the last quarter. Pitcairn Co. grew its position in shares of IDACORP by 2.3% in the third quarter. Pitcairn Co. now owns 4,801 shares of the energy company’s stock valued at $495,000 after purchasing an additional 107 shares during the last quarter. Finally, Avior Wealth Management LLC increased its stake 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 worth $46,000 after purchasing an additional 117 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Stock Performance

NYSE:IDA opened at $110.26 on Friday. 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 company has a market cap of $5.87 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.19 and a beta of 0.65. IDACORP, Inc. has a fifty-two week low of $86.43 and a fifty-two week high of $120.42. The firm’s 50 day moving average is $113.08 and its two-hundred day moving average is $105.21.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.17% and a net margin of 15.35%. The firm had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. During the same quarter in the previous year, the company earned $2.07 earnings per share. Analysts expect that IDACORP, Inc. will post 5.41 EPS for the current year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Wednesday, February 5th will be issued a dividend of $0.86 per share. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.12%. IDACORP’s payout ratio is currently 63.82%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Jefferies Financial Group initiated coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective on the stock. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and boosted their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Wells Fargo & Company raised their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, Morgan Stanley raised their target price on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $111.00.

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.