Magellan Asset Management Ltd Sells 1,265 Shares of IDACORP, Inc. $IDA

Magellan Asset Management Ltd lowered its position in IDACORP, Inc. (NYSE:IDA) by 3.5% during the 2nd quarter, Holdings Channel reports. The fund owned 35,169 shares of the energy company’s stock after selling 1,265 shares during the period. Magellan Asset Management Ltd’s holdings in IDACORP were worth $4,060,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in IDA. Legacy Investment Solutions LLC purchased a new position in IDACORP during the 2nd quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of IDACORP by 621.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company’s stock worth $31,000 after purchasing an additional 230 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in IDACORP during the 2nd quarter valued at $31,000. Riverview Trust Co purchased a new position in IDACORP during the 2nd quarter valued at about $42,000. Finally, Byrne Asset Management LLC bought a new stake in IDACORP during the 2nd quarter worth approximately $49,000. Institutional investors own 89.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of IDACORP in a research report on Wednesday, October 8th. Wells Fargo & Company raised IDACORP to a “hold” rating in a research note on Tuesday, October 28th. Mizuho boosted 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. BTIG Research raised shares of IDACORP to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Morgan Stanley restated an “outperform” rating and issued a $141.00 target price on shares of IDACORP in a research note on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.38.

IDACORP Trading Up 1.2%

Shares of NYSE:IDA opened at $129.54 on Friday. The stock’s 50-day simple moving average is $130.23 and its two-hundred day simple moving average is $122.74. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 22.81, a PEG ratio of 2.86 and a beta of 0.59. IDACORP, Inc. has a 52-week low of $104.74 and a 52-week high of $138.03. 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. Analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Increases Dividend

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

IDACORP Company Profile

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.