Phocas Financial Corp. Cuts Stake in IDACORP Inc (IDA)
Phocas Financial Corp. lessened its holdings in IDACORP Inc (NYSE:IDA) by 0.9% during the second quarter, HoldingsChannel.com reports. The fund owned 111,049 shares of the coal producer’s stock after selling 1,057 shares during the quarter. Phocas Financial Corp.’s holdings in IDACORP were worth $10,243,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of IDA. IFP Advisors Inc raised its stake in shares of IDACORP by 154.9% in the 1st quarter. IFP Advisors Inc now owns 1,881 shares of the coal producer’s stock valued at $166,000 after acquiring an additional 1,143 shares during the period. HL Financial Services LLC acquired a new stake in IDACORP during the 2nd quarter valued at $203,000. Ferguson Wellman Capital Management Inc. acquired a new stake in IDACORP during the 2nd quarter valued at $203,000. First Citizens Bank & Trust Co. acquired a new stake in IDACORP during the 2nd quarter valued at $221,000. Finally, Fox Run Management L.L.C. acquired a new stake in IDACORP during the 2nd quarter valued at $277,000. 77.68% of the stock is currently owned by institutional investors and hedge funds.
IDA has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of IDACORP from a “buy” rating to a “hold” rating in a report on Wednesday, May 23rd. Williams Capital lowered shares of IDACORP from a “hold” rating to a “sell” rating and set a $80.00 price target for the company. in a report on Monday, June 4th. ValuEngine raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Finally, Wells Fargo & Co raised their price objective on shares of IDACORP from $95.00 to $96.00 and gave the stock a “market perform” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $92.00.
IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, August 2nd. The coal producer reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.12. The company had revenue of $339.95 million during the quarter, compared to analyst estimates of $328.74 million. IDACORP had a net margin of 16.71% and a return on equity of 10.05%. During the same period last year, the business earned $0.99 EPS. equities analysts forecast that IDACORP Inc will post 4.28 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 30th. Shareholders of record on Monday, August 6th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 2.40%. The ex-dividend date was Friday, August 3rd. IDACORP’s dividend payout ratio is currently 56.06%.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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