IDACORP Inc (NYSE:IDA) saw a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 1,022,600 shares, a drop of 5.2% from the April 30th total of 1,078,800 shares. Based on an average daily volume of 266,200 shares, the short-interest ratio is presently 3.8 days. Currently, 2.0% of the company’s shares are short sold.
IDA has been the topic of a number of recent analyst reports. ValuEngine raised shares of IDACORP from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Zacks Investment Research lowered shares of IDACORP from a “buy” rating to a “hold” rating and set a $120.00 price target on the stock. in a report on Monday, June 10th.
In related news, VP Tessia Park sold 280 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $103.29, for a total transaction of $28,921.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.54% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System boosted its stake in shares of IDACORP by 2.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 24,519 shares of the coal producer’s stock valued at $2,441,000 after purchasing an additional 520 shares in the last quarter. State of Tennessee Treasury Department lifted its position in IDACORP by 3.0% during the 4th quarter. State of Tennessee Treasury Department now owns 60,357 shares of the coal producer’s stock valued at $5,616,000 after acquiring an additional 1,753 shares during the period. Foresters Investment Management Company Inc. purchased a new position in IDACORP during the 4th quarter valued at about $9,390,000. D. E. Shaw & Co. Inc. purchased a new position in IDACORP during the 4th quarter valued at about $6,559,000. Finally, Radnor Capital Management LLC purchased a new position in IDACORP during the 1st quarter valued at about $205,000. 76.47% of the stock is currently owned by hedge funds and other institutional investors.
IDACORP stock traded up $0.98 during trading hours on Friday, reaching $105.62. The stock had a trading volume of 804,543 shares, compared to its average volume of 325,176. The firm has a market cap of $5.28 billion, a PE ratio of 23.52, a price-to-earnings-growth ratio of 6.12 and a beta of 0.35. IDACORP has a 52 week low of $89.31 and a 52 week high of $106.13. The company has a quick ratio of 1.72, a current ratio of 2.11 and a debt-to-equity ratio of 0.77.
IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, May 2nd. The coal producer reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.13. The business had revenue of $350.32 million for the quarter, compared to analyst estimates of $298.14 million. IDACORP had a net margin of 16.54% and a return on equity of 9.89%. During the same quarter last year, the firm earned $0.72 EPS. As a group, sell-side analysts expect that IDACORP will post 4.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Shareholders of record on Monday, May 6th were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Friday, May 3rd. IDACORP’s dividend payout ratio (DPR) is presently 56.12%.
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. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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