IDACORP, Inc. $IDA Shares Acquired by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC increased its stake in IDACORP, Inc. by 128.1%, owning 524,123 shares worth approximately $60.9 million as of the latest SEC filing.
• IDACORP has received various analyst upgrades, with a consensus rating of "Moderate Buy" and an average price target of $122.86.
• The company announced a quarterly dividend of $0.86, representing an annualized yield of 2.7%, with a payout ratio of 60.56%.

Lord Abbett & CO. LLC increased its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 128.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,123 shares of the energy company's stock after buying an additional 294,342 shares during the period. Lord Abbett & CO. LLC owned about 0.97% of IDACORP worth $60,914,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. KBC Group NV raised its holdings in IDACORP by 21.2% in the 1st 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 increased its stake in shares of IDACORP by 20.8% during the 1st 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 lifted its holdings in shares of IDACORP by 103.0% during the 1st quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock worth $986,000 after acquiring an additional 4,305 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of IDACORP by 7.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock worth $765,000 after acquiring an additional 456 shares during the period. Finally, Bessemer Group Inc. boosted its position 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 worth $163,000 after acquiring an additional 1,065 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

IDACORP Stock Up 0.1%

Shares of NYSE IDA traded up $0.1150 on Wednesday, hitting $127.2850. The company had a trading volume of 48,384 shares, compared to its average volume of 415,535. IDACORP, Inc. has a 12-month low of $99.81 and a 12-month high of $128.40. The business has a 50 day moving average of $119.54 and a two-hundred day moving average of $116.65. 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 market capitalization of $6.88 billion, a P/E ratio of 22.41, a PEG ratio of 2.63 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last announced its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS 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 return on equity of 9.18% and a net margin of 16.96%.During the same period last year, the business posted $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, equities research analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IDA. Wells Fargo & Company upped their price target on shares of IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim upped their price objective on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reissued 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 $128.00 price objective on IDACORP and gave the stock an "equal weight" rating in a report on Thursday, May 22nd. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus 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.