IDACORP, Inc. $IDA Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its stake in shares of IDACORP, Inc. (NYSE:IDA) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,657,786 shares of the energy company’s stock after selling 54,502 shares during the quarter. Pictet Asset Management Holding SA’s holdings in IDACORP were worth $216,724,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Heritage Family Offices LLP acquired a new position in IDACORP during the 3rd quarter worth $86,000. Kestra Advisory Services LLC raised its stake in shares of IDACORP by 3.8% in the 3rd quarter. Kestra Advisory Services LLC now owns 3,951 shares of the energy company’s stock valued at $517,000 after purchasing an additional 144 shares in the last quarter. Arrien Investments Inc. raised its stake in shares of IDACORP by 9.0% in the 3rd quarter. Arrien Investments Inc. now owns 1,787 shares of the energy company’s stock valued at $234,000 after purchasing an additional 148 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of IDACORP by 80.1% during the third quarter. Chicago Partners Investment Group LLC now owns 3,487 shares of the energy company’s stock worth $491,000 after purchasing an additional 1,551 shares during the last quarter. Finally, Provenance Wealth Advisors LLC bought a new position in shares of IDACORP during the third quarter worth about $357,000. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Down 0.4%

IDA stock opened at $146.54 on Friday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.18 and a quick ratio of 0.94. IDACORP, Inc. has a 1-year low of $124.12 and a 1-year high of $154.91. The firm has a fifty day moving average price of $136.35 and a two-hundred day moving average price of $141.04. The firm has a market cap of $8.63 billion, a price-to-earnings ratio of 22.51, a PEG ratio of 2.53 and a beta of 0.47.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 29th. The energy company reported $2.73 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.22. IDACORP had a net margin of 19.84% and a return on equity of 9.92%. The company had revenue of $608.04 million for the quarter, compared to analysts’ expectations of $603.00 million. During the same period in the prior year, the company earned $2.26 earnings per share. Research analysts predict that IDACORP, Inc. will post 6.41 EPS for the current year.

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Thursday, November 5th will be given a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 5th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from IDACORP’s previous quarterly dividend of $0.88. IDACORP’s payout ratio is currently 55.30%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price target on IDACORP from $143.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 21st. Wells Fargo & Company upped their price objective on IDACORP from $154.00 to $155.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Barclays upped their price objective on IDACORP from $149.00 to $163.00 and gave the company an “overweight” rating in a research note on Tuesday, November 3rd. BTIG Research reaffirmed a “buy” rating and set a $155.00 target price on shares of IDACORP in a report on Monday, November 2nd. Finally, Wall Street Zen lowered IDACORP from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, IDACORP 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.