AlphaQuest LLC Buys Shares of 2,237 IDACORP, Inc. $IDA

Key Points

• AlphaQuest LLC has invested approximately $260,000 in IDACORP, acquiring 2,237 shares of the energy company in the first quarter.
• Analysts have a consensus rating of "Moderate Buy" for IDACORP, with a price target averaging $123.57 per share based on recent upgrades and ratings from multiple brokerages.
• IDACORP will pay a quarterly dividend of $0.86 on September 2nd, reflecting an annualized yield of 2.8%.

AlphaQuest LLC purchased a new position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 2,237 shares of the energy company's stock, valued at approximately $260,000.

Several other hedge funds have also added to or reduced their stakes in IDA. Jennison Associates LLC acquired a new position in IDACORP in the 1st quarter valued at $71,437,000. Ameriprise Financial Inc. lifted its position in shares of IDACORP by 596.7% during the 4th quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company's stock worth $41,451,000 after buying an additional 324,866 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of IDACORP by 128.1% during the 1st quarter. Lord Abbett & CO. LLC now owns 524,123 shares of the energy company's stock worth $60,914,000 after buying an additional 294,342 shares during the last quarter. Reaves W H & Co. Inc. increased its holdings in IDACORP by 25.0% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company's stock worth $145,034,000 after purchasing an additional 249,542 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in 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 in the last quarter. 89.10% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on IDA shares. UBS Group reaffirmed a "neutral" rating and issued a $120.00 target price (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Wall Street Zen raised IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Morgan Stanley set a $133.00 price objective on IDACORP and gave the stock an "outperform" rating in a research note on Thursday, August 21st. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $123.57.

IDACORP Price Performance

NYSE:IDA traded down $0.06 during trading hours on Thursday, hitting $124.66. 22,161 shares of the company's stock traded hands, compared to its average volume of 411,208. The firm has a market cap of $6.74 billion, a P/E ratio of 21.95, a P/E/G ratio of 2.62 and a beta of 0.59. IDACORP, Inc. has a 52 week low of $99.81 and a 52 week high of $128.50. The business's fifty day simple moving average is $122.15 and its two-hundred day simple moving average is $117.76. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.76. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.The company had revenue of $531.10 million during the quarter, compared to analyst estimates of $478.14 million. During the same quarter last year, the company earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, research analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th were given a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, August 5th. IDACORP's payout ratio is presently 60.56%.

IDACORP 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.