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

Magellan Asset Management Ltd boosted its holdings in IDACORP, Inc. (NYSE:IDA) by 23.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 50,116 shares of the energy company’s stock after buying an additional 9,665 shares during the period. Magellan Asset Management Ltd’s holdings in IDACORP were worth $7,165,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Torren Management LLC purchased a new stake in IDACORP during the 4th quarter valued at $25,000. Caitong International Asset Management Co. Ltd raised 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 purchasing an additional 189 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in shares of IDACORP during the third quarter valued at $34,000. Los Angeles Capital Management LLC bought a new position in shares of IDACORP during the fourth quarter valued at $35,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of IDACORP by 62.0% during the second quarter. Smartleaf Asset Management LLC now owns 311 shares of the energy company’s stock valued at $36,000 after purchasing an additional 119 shares in the last quarter. 89.10% of the stock is owned by institutional investors.

IDACORP Stock Down 0.9%

IDACORP stock opened at $145.74 on Wednesday. IDACORP, Inc. has a one year low of $120.52 and a one year high of $154.91. The stock has a fifty day moving average of $144.82 and a 200 day moving average of $141.47. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.95 and a current ratio of 1.21. The stock has a market cap of $8.08 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 2.93 and a beta of 0.48.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, April 30th. The energy company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.09. The business had revenue of $403.41 million for the quarter, compared to analysts’ expectations of $437.51 million. IDACORP had a return on equity of 9.40% and a net margin of 18.60%.During the same period last year, the firm posted $1.10 earnings per share. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. As a group, sell-side analysts predict that IDACORP, Inc. will post 6.39 EPS for the current year.

IDACORP Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.4%. IDACORP’s dividend payout ratio (DPR) is presently 58.57%.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of the business’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 transaction of $211,425.00. Following the completion of the sale, the vice president directly owned 2,138 shares in the company, valued at approximately $301,351.10. The trade was a 41.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

IDA has been the subject of several research analyst reports. Weiss Ratings upgraded IDACORP from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Mizuho set a $157.00 target price on shares of IDACORP in a research note on Friday, May 1st. Barclays raised their price target on shares of IDACORP from $159.00 to $167.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Morgan Stanley reiterated an “overweight” rating and issued a $152.00 price target on shares of IDACORP in a research note on Wednesday, June 24th. Finally, Wells Fargo & Company set a $154.00 price objective on shares of IDACORP in a report on Tuesday. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $154.00.

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.