Nuance Investments LLC Has $81.76 Million Position in IDACORP, Inc. (NYSE:IDA)

Nuance Investments LLC cut its position in IDACORP, Inc. (NYSE:IDA) by 28.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 793,134 shares of the energy company’s stock after selling 321,341 shares during the quarter. IDACORP accounts for about 2.7% of Nuance Investments LLC’s holdings, making the stock its 14th biggest holding. Nuance Investments LLC owned about 1.49% of IDACORP worth $81,764,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. raised its holdings in IDACORP by 78.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,014 shares of the energy company’s stock valued at $620,000 after buying an additional 2,635 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in IDACORP by 67.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,707 shares of the energy company’s stock valued at $4,918,000 after acquiring an additional 19,274 shares during the period. Hilton Capital Management LLC raised its stake in shares of IDACORP by 15.9% during the third quarter. Hilton Capital Management LLC now owns 16,142 shares of the energy company’s stock valued at $1,664,000 after acquiring an additional 2,220 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in shares of IDACORP by 35.9% during the third quarter. Avior Wealth Management LLC now owns 443 shares of the energy company’s stock worth $46,000 after purchasing an additional 117 shares during the period. Finally, Caprock Group LLC lifted its holdings in shares of IDACORP by 7.7% during the third quarter. Caprock Group LLC now owns 3,343 shares of the energy company’s stock worth $345,000 after purchasing an additional 239 shares during the period. 89.10% of the stock is owned by institutional investors and hedge funds.

IDACORP Price Performance

IDACORP stock opened at $117.77 on Wednesday. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 2.61 and a beta of 0.60. IDACORP, Inc. has a 52-week low of $86.43 and a 52-week high of $119.65. 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 stock’s 50 day moving average price is $105.79 and its two-hundred day moving average price is $100.07.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) 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 the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.17% and a net margin of 15.35%. During the same period in the prior year, the company earned $2.07 earnings per share. On average, equities analysts predict that IDACORP, Inc. will post 5.41 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a $0.86 dividend. The ex-dividend date is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a dividend yield of 2.92%. IDACORP’s dividend payout ratio (DPR) is currently 63.82%.

Analysts Set New Price Targets

Several brokerages recently issued reports on IDA. Wells Fargo & Company raised their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com lowered IDACORP from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $113.00 to $117.00 in a research report on Tuesday, November 5th. Finally, Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $102.00 to $116.00 in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, IDACORP has an average rating of “Hold” and a consensus price target of $108.83.

About IDACORP

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.