Nuveen LLC Takes Position in IDACORP, Inc. $IDA

Key Points

• Nuveen LLC invested approximately $20.48 million in IDACORP, acquiring 176,199 shares, which represents about 0.33% of the company's stock.
• IDACORP reported earnings of $1.76 per share, matching analyst expectations, and had revenue of $531.10 million for the quarter, exceeding consensus estimates.
• The company announced a quarterly dividend of $0.86 per share, with a dividend yield of 2.7% and a payout ratio of 60.56%.

Nuveen LLC acquired a new position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 176,199 shares of the energy company's stock, valued at approximately $20,478,000. Nuveen LLC owned 0.33% of IDACORP as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. KBC Group NV boosted its position in shares of IDACORP by 21.2% during the 1st quarter. KBC Group NV now owns 2,350 shares of the energy company's stock worth $273,000 after purchasing an additional 411 shares during the period. GAMMA Investing LLC boosted its position in shares of IDACORP by 20.8% during the 1st quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock worth $86,000 after purchasing an additional 127 shares during the period. Teacher Retirement System of Texas boosted its position 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 purchasing an additional 4,305 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position 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 purchasing an additional 456 shares during the period. Finally, Bessemer Group Inc. boosted its position in shares of IDACORP by 318.9% during the 1st quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company's stock worth $163,000 after purchasing an additional 1,065 shares during the period. Hedge funds and other institutional investors own 89.10% of the company's stock.

IDACORP Stock Down 0.9%

NYSE:IDA traded down $1.1360 during midday trading on Monday, hitting $126.9140. 217,665 shares of the company were exchanged, compared to its average volume of 385,130. The company has a fifty day simple moving average of $120.55 and a 200 day simple moving average of $117.15. IDACORP, Inc. has a fifty-two week low of $99.81 and a fifty-two week 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 company 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 (NYSE:IDA - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The firm had revenue of $531.10 million for the quarter, compared to analyst estimates of $478.14 million. During the same period last year, the business earned $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, equities analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th will be given a dividend of $0.86 per share. This represents a $3.44 annualized dividend 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%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company raised their price target on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim raised their price target on shares of IDACORP from $121.00 to $126.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Morgan Stanley set a $128.00 price target on shares of IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Finally, UBS Group reissued a "neutral" rating and issued a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently 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.