Magellan Asset Management Ltd Boosts Holdings in IDACORP, Inc. $IDA

Key Points

• Magellan Asset Management increased its IDACORP stake by 23.9% in the first quarter, buying 9,665 more shares and bringing its total to 50,116 shares valued at about $7.17 million.
• IDACORP reported Q1 earnings of $1.21 per share, topping analyst expectations, though revenue came in below forecasts at $403.41 million. The company also set FY 2026 EPS guidance of 6.25 to 6.45.
• The utility declared a quarterly dividend of $0.88 per share, equal to an annualized yield of 2.4%, while analysts maintain a Moderate Buy consensus with an average price target of $154.

Magellan Asset Management Ltd grew its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 23.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,116 shares of the energy company's stock after purchasing an additional 9,665 shares during the period. Magellan Asset Management Ltd owned approximately 0.09% of IDACORP worth $7,165,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Torren Management LLC purchased a new stake in IDACORP in the fourth quarter worth about $25,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of IDACORP by 630.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company's stock worth $29,000 after acquiring an additional 189 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in shares of IDACORP during the 3rd quarter worth approximately $34,000. Los Angeles Capital Management LLC bought a new position in shares of IDACORP in the 4th quarter worth approximately $35,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of IDACORP by 62.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 311 shares of the energy company's stock valued at $36,000 after purchasing an additional 119 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Stock Down 0.9%

IDA stock opened at $145.74 on Wednesday. IDACORP, Inc. has a twelve month low of $120.52 and a twelve month high of $154.91. The company has a quick ratio of 0.95, a current ratio of 1.21 and a debt-to-equity ratio of 1.01. The firm has a market cap of $8.08 billion, a PE ratio of 24.25, a price-to-earnings-growth ratio of 2.93 and a beta of 0.48. The business has a 50 day moving average of $144.82 and a 200 day moving average of $141.47.

IDACORP (NYSE:IDA - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The energy company reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.09. IDACORP had a return on equity of 9.40% and a net margin of 18.60%.The business had revenue of $403.41 million during the quarter, compared to analysts' expectations of $437.51 million. During the same quarter in the previous year, the business earned $1.10 earnings per share. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. On average, research analysts forecast that IDACORP, Inc. will post 6.39 EPS for the current fiscal year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Wednesday, August 5th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, August 5th. IDACORP's payout ratio is currently 58.57%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on IDA shares. Barclays upped their price target on IDACORP from $159.00 to $167.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Wells Fargo & Company set a $154.00 target price on shares of IDACORP in a report on Tuesday. Wall Street Zen raised shares of IDACORP from a "strong sell" rating to a "sell" rating in a research report on Tuesday, May 12th. Morgan Stanley reiterated an "overweight" rating and issued a $152.00 price target on shares of IDACORP in a research note on Wednesday, June 24th. Finally, Weiss Ratings raised shares of IDACORP from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $154.00.

Insider Transactions at IDACORP

In related news, VP James Bo D. Hanchey sold 1,500 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $140.95, for a total value of $211,425.00. Following the transaction, the vice president owned 2,138 shares in the company, valued at $301,351.10. The trade was a 41.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.

IDACORP Company Profile

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company's service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power's generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.