First Manhattan CO. LLC. Decreases Stake in IDACORP, Inc. $IDA

Key Points

• First Manhattan Co. LLC. has reduced its stake in IDACORP, Inc. by 5.4%, now owning 45,970 shares worth approximately $5.34 million.
• Recent upgrades from analysts have improved IDACORP's rating, with a consensus target price of $123.57 and five analysts rating it as a Buy.
• IDACORP declared a quarterly dividend of $0.86 per share, with an annualized dividend yield of 2.8%, reflecting a payout ratio of 60.56%.

First Manhattan CO. LLC. cut its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,970 shares of the energy company's stock after selling 2,630 shares during the quarter. First Manhattan CO. LLC. owned 0.09% of IDACORP worth $5,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Elite Financial Inc. bought a new stake in IDACORP during the first quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of IDACORP by 621.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock worth $31,000 after acquiring an additional 230 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of IDACORP in the 1st quarter worth approximately $34,000. Farther Finance Advisors LLC lifted its holdings in shares of IDACORP by 879.1% in the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after acquiring an additional 378 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of IDACORP by 39.7% in the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock worth $51,000 after acquiring an additional 125 shares during the last quarter. 89.10% of the stock is currently owned by institutional investors.

IDACORP Stock Performance

Shares of NYSE IDA traded up $0.12 during trading on Friday, reaching $125.29. 231,786 shares of the company traded hands, compared to its average volume of 335,834. IDACORP, Inc. has a 52-week low of $99.81 and a 52-week high of $128.50. The stock has a market capitalization of $6.77 billion, a PE ratio of 22.06, a P/E/G ratio of 2.62 and a beta of 0.59. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The firm has a 50 day simple moving average of $122.58 and a 200-day simple moving average of $117.97.

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

IDACORP Announces Dividend

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. The ex-dividend date was Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.7%. IDACORP's payout ratio is 60.56%.

Analyst Ratings Changes

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

About IDACORP

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.