Millennium Management LLC Has $46.97 Million Position in IDACORP, Inc. $IDA

Key Points

• Millennium Management LLC reduced its stake in IDACORP, Inc. by selling 21,239 shares, bringing their total ownership to approximately 404,115 shares valued at around $46.97 million.
• IDACORP's stock has seen a 1.4% decline, currently priced at $123.60, with a market cap of $6.68 billion and a P/E ratio of 21.76.
• The company declared a quarterly dividend of $0.86 per share, translating to an annual yield of 2.8%, and it has set FY 2025 earnings guidance at 5.700-5.850 EPS.

Millennium Management LLC lowered its stake in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 5.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 404,115 shares of the energy company's stock after selling 21,239 shares during the period. Millennium Management LLC owned about 0.75% of IDACORP worth $46,966,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Elite Financial Inc. acquired a new stake in shares of IDACORP in the 1st quarter valued at $29,000. Caitong International Asset Management Co. Ltd lifted its position in shares of IDACORP by 621.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock worth $31,000 after buying an additional 230 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of IDACORP during the 1st quarter worth about $34,000. Farther Finance Advisors LLC boosted its stake in shares of IDACORP by 879.1% during the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company's stock worth $49,000 after acquiring an additional 378 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of IDACORP by 39.7% during the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock valued at $51,000 after acquiring an additional 125 shares during the last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley set a $133.00 price target on IDACORP and gave the company an "outperform" rating in a research report on Thursday, August 21st. Finally, UBS Group restated a "neutral" rating and set a $120.00 target price (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, IDACORP currently has a consensus rating of "Moderate Buy" and an average target price of $123.57.

IDACORP Stock Performance

Shares of NYSE:IDA traded down $0.24 on Friday, hitting $125.50. 413,487 shares of the company were exchanged, compared to its average volume of 311,048. The company's 50 day moving average price is $123.51 and its two-hundred day moving average price is $118.39. The firm has a market capitalization of $6.78 billion, a price-to-earnings ratio of 22.09, a PEG ratio of 2.62 and a beta of 0.59. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. IDACORP, Inc. has a one year low of $99.81 and a one year high of $128.50.

IDACORP (NYSE:IDA - Get Free Report) last announced 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 business had revenue of $531.10 million during the quarter, compared to analyst estimates 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 business earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Research analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were given a dividend of $0.86 per share. 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 2.7%. IDACORP's dividend payout ratio is currently 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.