Clark Capital Management Group Inc. Boosts Stock Position in IDACORP, Inc. $IDA

Key Points

• Clark Capital Management Group Inc. increased its stake in IDACORP, Inc. by 16.1%, owning 87,003 shares valued at approximately $10.1 million as of its latest SEC filing.
• IDACORP reported $1.76 EPS for the last quarter, matching analysts' expectations, with revenue of $531.1 million, exceeding consensus estimates.
• Analysts rate IDACORP stock with a consensus of "Moderate Buy" and set a price target of $123.57, following upgrades from various financial institutions.

Clark Capital Management Group Inc. raised its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 16.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 87,003 shares of the energy company's stock after acquiring an additional 12,037 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.16% of IDACORP worth $10,111,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. KBC Group NV raised its holdings in shares of IDACORP by 21.2% during the first quarter. KBC Group NV now owns 2,350 shares of the energy company's stock valued at $273,000 after acquiring an additional 411 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of IDACORP by 20.8% during the first quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after acquiring an additional 127 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in shares of IDACORP by 103.0% during the first quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock valued at $986,000 after acquiring an additional 4,305 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of IDACORP by 7.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock valued at $765,000 after purchasing an additional 456 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of IDACORP by 318.9% in the first quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company's stock valued at $163,000 after purchasing an additional 1,065 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on IDA. UBS Group reaffirmed a "neutral" rating and issued a $120.00 price target (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 report on Friday, July 18th. Finally, Morgan Stanley set a $133.00 price target on IDACORP and gave the stock an "outperform" rating in a research report on Thursday, August 21st. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $123.57.

IDACORP Stock Up 0.2%

IDA stock traded up $0.30 during mid-day trading on Wednesday, reaching $124.82. The company had a trading volume of 47,430 shares, compared to its average volume of 409,094. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 2.58 and a beta of 0.59. The firm has a fifty day simple moving average of $122.92 and a 200 day simple moving average of $118.16. IDACORP, Inc. has a fifty-two week low of $99.81 and a fifty-two week high of $128.50.

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

IDACORP Announces Dividend

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