Magellan Asset Management Ltd Trims Stock Position in IDACORP, Inc. $IDA

Magellan Asset Management Ltd reduced its position in IDACORP, Inc. (NYSE:IDA) by 3.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 35,169 shares of the energy company’s stock after selling 1,265 shares during the period. Magellan Asset Management Ltd owned 0.07% of IDACORP worth $4,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in shares of IDACORP by 13.4% during the 2nd quarter. GAMMA Investing LLC now owns 836 shares of the energy company’s stock worth $97,000 after purchasing an additional 99 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of IDACORP by 0.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company’s stock worth $1,732,000 after purchasing an additional 100 shares during the period. State of Michigan Retirement System increased its holdings in IDACORP by 0.8% in the 1st quarter. State of Michigan Retirement System now owns 12,720 shares of the energy company’s stock valued at $1,478,000 after purchasing an additional 100 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of IDACORP by 4.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company’s stock valued at $289,000 after purchasing an additional 100 shares during the period. Finally, Securian Asset Management Inc. increased its holdings in IDACORP by 2.5% during the 2nd quarter. Securian Asset Management Inc. now owns 4,127 shares of the energy company’s stock worth $476,000 after purchasing an additional 100 shares during the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Trading Up 1.2%

IDACORP stock opened at $129.54 on Friday. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 22.81, a P/E/G ratio of 2.86 and a beta of 0.59. IDACORP, Inc. has a one year low of $104.74 and a one year high of $138.03. The firm has a 50-day moving average of $130.23 and a 200-day moving average of $122.74. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.03. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.The business had revenue of $663.69 million for the quarter, compared to analysts’ expectations of $663.09 million. During the same quarter in the prior year, the business earned $2.12 EPS. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, equities analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 5th will be paid a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.86. IDACORP’s dividend payout ratio is 60.48%.

Analysts Set New Price Targets

A number of brokerages have commented on IDA. Wells Fargo & Company upgraded IDACORP to a “hold” rating in a research note on Tuesday, October 28th. BTIG Research raised IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd. Morgan Stanley reissued an “outperform” rating and set a $141.00 price target on shares of IDACORP in a research report on Wednesday, October 22nd. Jefferies Financial Group boosted their price target on IDACORP from $144.00 to $155.00 and gave the company a “buy” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Friday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $137.38.

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.