Anchor Capital Advisors LLC Cuts Holdings in IDACORP, Inc. $IDA

Anchor Capital Advisors LLC trimmed its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 168,981 shares of the energy company’s stock after selling 4,309 shares during the quarter. Anchor Capital Advisors LLC’s holdings in IDACORP were worth $19,509,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its stake in IDACORP by 621.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company’s stock valued at $31,000 after purchasing an additional 230 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in IDACORP during the 2nd quarter valued at $31,000. Riverview Trust Co purchased a new stake in IDACORP during the 2nd quarter valued at $42,000. Byrne Asset Management LLC purchased a new stake in IDACORP during the 2nd quarter valued at $49,000. Finally, GAMMA Investing LLC boosted its stake in IDACORP by 13.4% during the 2nd quarter. GAMMA Investing LLC now owns 836 shares of the energy company’s stock valued at $97,000 after purchasing an additional 99 shares during the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IDA. Wall Street Zen upgraded IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. UBS Group reissued a “neutral” rating and set a $120.00 price target (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Mizuho increased their price target on IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Morgan Stanley reissued an “outperform” rating and set a $141.00 price target on shares of IDACORP in a report on Wednesday, October 22nd. Finally, Wells Fargo & Company raised IDACORP to a “hold” rating in a report on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $137.38.

IDACORP Price Performance

Shares of IDACORP stock opened at $128.60 on Thursday. IDACORP, Inc. has a one year low of $104.74 and a one year high of $138.03. The stock’s fifty day moving average is $130.08 and its 200 day moving average is $122.61. The stock has a market cap of $6.95 billion, a P/E ratio of 22.64, a P/E/G ratio of 2.86 and a beta of 0.59. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, October 30th. The energy company reported $2.26 EPS for the quarter, topping 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 company had revenue of $663.69 million for the quarter, compared to analysts’ expectations of $663.09 million. During the same period last year, the firm earned $2.12 EPS. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. Sell-side analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Increases Dividend

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

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.