California Public Employees Retirement System Has $15.08 Million Position in IDACORP, Inc. $IDA

Key Points

• California Public Employees Retirement System cut its IDACORP stake by 25.7% in the first quarter, leaving it with 105,473 shares worth about $15.08 million.
• Insider selling was reported when VP James Bo D. Hanchey sold 1,500 shares for $211,425, reducing his position by 41.23%.
• IDACORP posted strong quarterly earnings of $1.21 per share, topping estimates, and it also announced a quarterly dividend of $0.88 per share, implying a 2.4% yield.

California Public Employees Retirement System reduced its holdings in IDACORP, Inc. (NYSE:IDA - Free Report) by 25.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 105,473 shares of the energy company's stock after selling 36,505 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of IDACORP worth $15,079,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in IDACORP by 79.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,940 shares of the energy company's stock worth $690,000 after purchasing an additional 2,625 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of IDACORP by 6.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 342,496 shares of the energy company's stock worth $39,805,000 after purchasing an additional 21,890 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in IDACORP by 8.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 143,677 shares of the energy company's stock valued at $16,698,000 after acquiring an additional 10,855 shares during the period. American Century Companies Inc. grew its position in IDACORP by 12.6% in the 2nd quarter. American Century Companies Inc. now owns 18,035 shares of the energy company's stock valued at $2,082,000 after purchasing an additional 2,016 shares during the period. Finally, Invesco Ltd. increased its position in shares of IDACORP by 5.7% during the second quarter. Invesco Ltd. now owns 247,190 shares of the energy company's stock worth $28,538,000 after acquiring an additional 13,297 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

Insider Activity

In related news, VP James Bo D. Hanchey sold 1,500 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $140.95, for a total transaction of $211,425.00. Following the transaction, the vice president owned 2,138 shares in the company, valued at $301,351.10. The trade was a 41.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on IDA. Mizuho set a $157.00 price target on IDACORP in a research report on Friday, May 1st. Morgan Stanley reissued an "overweight" rating and set a $156.00 price objective on shares of IDACORP in a report on Wednesday. Barclays boosted their price target on shares of IDACORP from $159.00 to $167.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Wells Fargo & Company raised IDACORP from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $121.00 to $154.00 in a report on Tuesday. Finally, Weiss Ratings upgraded shares of IDACORP from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $155.14.

IDACORP Trading Up 0.5%

IDA stock opened at $149.44 on Friday. 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 company has a market capitalization of $8.28 billion, a PE ratio of 24.87, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48. The company's 50 day moving average price is $145.09 and its two-hundred day moving average price is $141.78. IDACORP, Inc. has a one year low of $120.52 and a one year high of $154.91.

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

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 5th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $3.52 annualized dividend and a yield of 2.4%. IDACORP's dividend payout ratio is presently 58.57%.

IDACORP Company 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.

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