IDACORP, Inc. $IDA Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in IDACORP, Inc. by 0.8%, selling 1,971 shares and now holding 233,893 shares worth approximately $27.2 million.
• Recent price target upgrades from analysts include Wells Fargo raising it from $121.00 to $125.00 and Guggenheim from $121.00 to $126.00, reflecting a generally positive outlook for the stock.
• IDACORP announced a quarterly dividend of $0.86 per share, set to be paid on September 2, which indicates a 2.7% yield based on its annualized dividend.

Invesco Ltd. lessened its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 233,893 shares of the energy company's stock after selling 1,971 shares during the period. Invesco Ltd. owned approximately 0.43% of IDACORP worth $27,183,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IDA. Jennison Associates LLC purchased a new stake in IDACORP during the first quarter valued at $71,437,000. Ameriprise Financial Inc. boosted its stake in IDACORP by 596.7% during the fourth quarter. Ameriprise Financial Inc. now owns 379,312 shares of the energy company's stock valued at $41,451,000 after buying an additional 324,866 shares during the last quarter. Reaves W H & Co. Inc. boosted its stake in IDACORP by 25.0% during the first quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company's stock valued at $145,034,000 after buying an additional 249,542 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in IDACORP by 9.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company's stock valued at $208,692,000 after purchasing an additional 166,864 shares during the period. Finally, GAMMA Investing LLC raised its position in IDACORP by 13,941.6% during the first quarter. GAMMA Investing LLC now owns 85,654 shares of the energy company's stock valued at $99,550,000 after purchasing an additional 85,044 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Trading Down 0.9%

IDACORP stock traded down $1.1360 during mid-day trading on Monday, hitting $126.9140. The company's stock had a trading volume of 217,665 shares, compared to its average volume of 385,130. The firm has a market capitalization of $6.86 billion, a PE ratio of 22.34, a price-to-earnings-growth ratio of 2.68 and a beta of 0.56. IDACORP, Inc. has a 1 year low of $99.81 and a 1 year high of $128.50. The company has a current ratio of 1.45, a quick ratio of 1.12 and a debt-to-equity ratio of 1.01. The stock's fifty day moving average is $120.55 and its two-hundred day moving average is $117.15.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share for the quarter, hitting the consensus estimate of $1.76. The company had revenue of $531.10 million during the quarter, compared to analyst estimates 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 prior year, the business posted $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, analysts anticipate that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be paid a $0.86 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.7%. IDACORP's dividend payout ratio (DPR) is currently 60.56%.

Analyst Ratings Changes

A number of brokerages have weighed in on IDA. Wells Fargo & Company lifted their target price on IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Morgan Stanley set a $128.00 price target on IDACORP and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group reiterated a "neutral" rating and set a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Finally, Guggenheim boosted their price target on IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $122.86.

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.