IDACORP, Inc. (NYSE:IDA) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC cut its stake in IDACORP, Inc. (NYSE:IDA) by 0.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,900 shares of the energy company’s stock after selling 241 shares during the quarter. Gabelli Funds LLC owned approximately 0.09% of IDACORP worth $4,449,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of IDA. Pitcairn Co. increased its position in shares of IDACORP by 2.4% in the first quarter. Pitcairn Co. now owns 4,332 shares of the energy company’s stock valued at $402,000 after buying an additional 103 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of IDACORP by 19.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 690 shares of the energy company’s stock valued at $68,000 after buying an additional 112 shares in the last quarter. Blue Trust Inc. increased its position in shares of IDACORP by 13.5% in the fourth quarter. Blue Trust Inc. now owns 1,383 shares of the energy company’s stock valued at $129,000 after buying an additional 164 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of IDACORP by 12.0% in the fourth quarter. Quadrant Capital Group LLC now owns 1,529 shares of the energy company’s stock valued at $150,000 after buying an additional 164 shares in the last quarter. Finally, CWM LLC increased its position in shares of IDACORP by 22.2% in the fourth quarter. CWM LLC now owns 992 shares of the energy company’s stock valued at $98,000 after buying an additional 180 shares in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at IDACORP

In other IDACORP news, VP James Bo D. Hanchey sold 1,500 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $95.09, for a total value of $142,635.00. Following the completion of the sale, the vice president now directly owns 1,650 shares in the company, valued at approximately $156,898.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.47% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IDA. Morgan Stanley cut their price objective on IDACORP from $98.00 to $93.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. StockNews.com upgraded IDACORP to a “sell” rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their price target on IDACORP from $94.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Finally, Mizuho boosted their price target on IDACORP from $88.00 to $99.00 and gave the stock a “neutral” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $96.40.

IDACORP Price Performance

Shares of IDA traded up $0.25 during trading hours on Friday, hitting $97.50. 251,935 shares of the stock were exchanged, compared to its average volume of 279,096. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.19 and a current ratio of 1.54. The stock’s 50-day moving average price is $93.66 and its two-hundred day moving average price is $92.69. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 19.58 and a beta of 0.58. IDACORP, Inc. has a 12-month low of $86.43 and a 12-month high of $104.79.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). The company had revenue of $448.94 million during the quarter, compared to analysts’ expectations of $441.21 million. IDACORP had a net margin of 14.18% and a return on equity of 8.71%. During the same quarter in the previous year, the company earned $1.11 earnings per share. Research analysts expect that IDACORP, Inc. will post 5.35 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Monday, August 5th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.41%. The ex-dividend date is Monday, August 5th. IDACORP’s payout ratio is currently 66.67%.

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.