IDACORP, Inc. $IDA Stock: Pictet Asset Management Holding SA Decreases Position

Pictet Asset Management Holding SA reduced its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 3.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,657,786 shares of the energy company’s stock after selling 54,502 shares during the quarter. Pictet Asset Management Holding SA owned 2.82% of IDACORP worth $216,724,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Osterweis Capital Management Inc. acquired a new position in shares of IDACORP during the 2nd quarter valued at $25,000. Western Wealth Management LLC acquired a new stake in IDACORP in the 1st quarter valued at $29,000. Trust Co. of Vermont acquired a new stake in IDACORP in the 2nd quarter valued at $30,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in IDACORP in the second quarter valued at about $33,000. Finally, Summit Securities Group LLC purchased a new position in IDACORP in the first quarter valued at about $37,000. Institutional investors and hedge funds own 89.10% of the company’s stock.

IDACORP Stock Performance

IDACORP stock opened at $146.54 on Friday. IDACORP, Inc. has a 12-month low of $124.12 and a 12-month high of $154.91. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 22.51, a price-to-earnings-growth ratio of 2.53 and a beta of 0.47. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 0.94. The firm’s fifty day moving average price is $136.35 and its 200 day moving average price is $141.04.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 29th. The energy company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.22. The firm had revenue of $608.04 million for the quarter, compared to analyst estimates of $603.00 million. IDACORP had a net margin of 19.84% and a return on equity of 9.92%. During the same quarter in the previous year, the business posted $2.26 EPS. On average, research analysts forecast that IDACORP, Inc. will post 6.41 EPS for the current fiscal year.

IDACORP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Thursday, November 5th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.5%. This is a positive change from IDACORP’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, November 5th. IDACORP’s payout ratio is presently 55.30%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wall Street Zen cut IDACORP from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. BTIG Research reiterated a “buy” rating and issued a $155.00 target price on shares of IDACORP in a research note on Monday, November 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of IDACORP in a report on Friday, October 30th. Wells Fargo & Company boosted their price target on IDACORP from $154.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Finally, Barclays boosted their price target on IDACORP from $149.00 to $163.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 3rd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $152.29.

IDACORP Profile

IDACORP, Inc is an energy holding company whose principal subsidiary, Idaho Power Company, provides regulated electric service. Idaho Power generates, transmits and distributes electricity to homes, businesses and other customers.

Idaho Power serves a territory spanning southern Idaho and parts of eastern Oregon. Its electricity comes from a mix of generating resources, including hydroelectric facilities, thermal plants and renewable energy sources.

Idaho Power traces its roots to 1916, while IDACORP became the utility’s publicly traded parent company in 1998.