Greenland Capital Management LP Takes $1.08 Million Position in IDACORP, Inc. $IDA

Greenland Capital Management LP acquired a new position in IDACORP, Inc. (NYSE:IDA) during the second quarter, according to its most recent filing with the SEC. The firm acquired 9,310 shares of the energy company’s stock, valued at approximately $1,075,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in IDACORP by 3.2% in the first quarter. Wellington Management Group LLP now owns 3,536,138 shares of the energy company’s stock worth $410,970,000 after acquiring an additional 111,182 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of IDACORP by 10.5% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company’s stock worth $245,243,000 after purchasing an additional 200,465 shares during the period. Alliancebernstein L.P. boosted its stake in shares of IDACORP by 0.9% during the 1st quarter. Alliancebernstein L.P. now owns 1,391,564 shares of the energy company’s stock valued at $161,728,000 after purchasing an additional 12,156 shares in the last quarter. Jennison Associates LLC increased its position in shares of IDACORP by 115.3% during the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock valued at $152,816,000 after buying an additional 708,989 shares during the period. Finally, Reaves W H & Co. Inc. raised its stake in IDACORP by 25.0% in the first quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company’s stock worth $145,034,000 after buying an additional 249,542 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Down 0.8%

Shares of IDACORP stock opened at $126.09 on Thursday. The company has a 50-day simple moving average of $130.81 and a two-hundred day simple moving average of $123.39. The stock has a market capitalization of $6.81 billion, a PE ratio of 22.20, a price-to-earnings-growth 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 quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.03. The company had revenue of $524.42 million during the quarter, compared to the consensus estimate of $663.09 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter last year, the firm earned $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.81 EPS 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 is a boost from IDACORP’s previous quarterly dividend of $0.86. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 60.48%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Jefferies Financial Group increased their target price on IDACORP from $144.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of IDACORP in a research note on Wednesday, October 8th. Morgan Stanley reissued an “outperform” rating and set a $141.00 price objective on shares of IDACORP in a research report on Wednesday, October 22nd. Mizuho upped their target price on shares of IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Finally, Wells Fargo & Company upgraded shares of IDACORP to a “hold” rating in a research note on Tuesday, October 28th. One research 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. According to MarketBeat, IDACORP has a consensus rating of “Moderate Buy” and an average target price of $137.38.

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.