Panagora Asset Management Inc. Reduces Holdings in IDACORP, Inc. $IDA

Key Points

• Panagora Asset Management Inc. reduced its holdings in IDACORP, Inc. by 63.0% during the first quarter, selling 30,449 shares, leaving them with 17,914 shares valued at approximately $2.08 million.
• Analyst ratings have varied, with Morgan Stanley setting a target price of $133.00 and a rating of "outperform," while other analysts have assigned a "Moderate Buy" consensus and an average target price of $123.57.
• IDACORP recently announced a quarterly dividend of $0.86, representing an annualized yield of 2.8%, with a payout ratio of 60.56%.

Panagora Asset Management Inc. reduced its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 63.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,914 shares of the energy company's stock after selling 30,449 shares during the period. Panagora Asset Management Inc.'s holdings in IDACORP were worth $2,082,000 at the end of the most recent quarter.

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

IDACORP Price Performance

Shares of IDA traded down $0.60 during mid-day trading on Monday, hitting $124.76. 32,111 shares of the company were exchanged, compared to its average volume of 410,386. IDACORP, Inc. has a 1-year low of $99.81 and a 1-year high of $128.50. 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 50 day moving average of $122.58 and a 200-day moving average of $118.05. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 2.62 and a beta of 0.59.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, meeting 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 net margin of 16.96% and a return on equity of 9.18%. During the same quarter in the prior year, the firm earned $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Analysts expect that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Dividend Announcement

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

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of analyst reports. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group restated a "neutral" rating and set a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Finally, Morgan Stanley set a $133.00 price target on shares of IDACORP and gave the stock an "outperform" rating in a research report on Thursday, August 21st. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $123.57.

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.