Connor Clark & Lunn Investment Management Ltd. Takes Position in IDACORP, Inc. $IDA

Connor Clark & Lunn Investment Management Ltd. bought a new position in IDACORP, Inc. (NYSE:IDA) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 281,838 shares of the energy company’s stock, valued at approximately $42,642,000.

Several other hedge funds have also recently made changes to their positions in IDA. Torren Management LLC purchased a new stake in IDACORP during the 4th quarter valued at $25,000. Western Wealth Management LLC bought a new position in shares of IDACORP in the first quarter worth about $29,000. Trust Co. of Vermont purchased a new position in IDACORP during the second quarter valued at approximately $30,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of IDACORP during the 2nd quarter valued at $33,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of IDACORP by 630.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company’s stock worth $29,000 after acquiring an additional 189 shares during the period. 89.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Morgan Stanley reduced their price objective on IDACORP from $156.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a report on Monday, August 3rd. BTIG Research reiterated a “buy” rating and set a $160.00 target price on shares of IDACORP in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company raised their target price on shares of IDACORP from $154.00 to $155.00 and gave the company an “equal weight” rating in a report on Friday, July 31st. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.86.

Insider Activity at IDACORP

In other news, VP James Bo D. Hanchey sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $140.95, for a total value of $211,425.00. Following the completion of the sale, the vice president owned 2,138 shares of the company’s stock, valued at approximately $301,351.10. This represents a 41.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.33% of the company’s stock.

IDACORP Stock Performance

IDA stock opened at $138.15 on Tuesday. The firm has a market cap of $7.99 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 2.37 and a beta of 0.48. IDACORP, Inc. has a twelve month low of $122.30 and a twelve month high of $154.91. The business’s fifty day simple moving average is $145.94 and its two-hundred day simple moving average is $143.50. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.97.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, July 30th. The energy company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.01. IDACORP had a net margin of 18.78% and a return on equity of 9.34%. The company had revenue of $469.80 million during the quarter, compared to analyst estimates of $511.87 million. During the same quarter last year, the business posted $1.76 EPS. IDACORP has set its FY 2026 guidance at 6.300-6.450 EPS. Analysts predict that IDACORP, Inc. will post 6.38 earnings per share for the current year.

IDACORP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Wednesday, August 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Wednesday, August 5th. IDACORP’s payout ratio is presently 58.28%.

IDACORP Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.