Hendley & Co. Inc. Takes $241,000 Position in IDACORP, Inc. $IDA

Key Points

• Hendley & Co. Inc. acquired a new stake in IDACORP, Inc. worth approximately $241,000 by purchasing 2,090 shares in the second quarter.
• Several large investors, including Wellington Management Group and T. Rowe Price, have increased their positions in IDACORP, demonstrating strong institutional interest.
• IDACORP reported $1.76 EPS for the last quarter, meeting analysts' expectations, and announced a quarterly dividend of $0.86 with a 2.6% yield.

Hendley & Co. Inc. purchased a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,090 shares of the energy company's stock, valued at approximately $241,000.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its position 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. grew its position in IDACORP by 10.5% in the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock worth $245,243,000 after acquiring an additional 200,465 shares during the period. Alliancebernstein L.P. grew its position in IDACORP by 0.9% in the first quarter. Alliancebernstein L.P. now owns 1,391,564 shares of the energy company's stock worth $161,728,000 after acquiring an additional 12,156 shares during the period. Reaves W H & Co. Inc. grew its position 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 acquiring an additional 249,542 shares during the period. Finally, Jennison Associates LLC purchased a new position in IDACORP in the first quarter worth approximately $71,437,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IDA shares. UBS Group reiterated a "neutral" rating and issued a $120.00 price objective (up from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Morgan Stanley lowered their price objective on IDACORP from $133.00 to $131.00 and set an "equal weight" rating for the company in a research report on Thursday, September 25th. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of IDACORP in a research note on Saturday, September 27th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $123.29.

IDACORP Stock Up 0.0%

NYSE:IDA opened at $133.71 on Wednesday. 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 stock's fifty day moving average is $126.62 and its two-hundred day moving average is $119.96. IDACORP, Inc. has a 52 week low of $99.81 and a 52 week high of $134.80. The stock has a market capitalization of $7.22 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 2.86 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last announced 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. The business had revenue of $531.10 million for the quarter, compared to analysts' expectations of $478.14 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.During the same period last year, the firm earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Research analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were paid a $0.86 dividend. This represents a $3.44 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Tuesday, August 5th. IDACORP's dividend payout ratio (DPR) is presently 60.56%.

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.

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