Oliver Luxxe Assets LLC Takes Position in IDACORP, Inc. $IDA

Key Points

• Oliver Luxxe Assets LLC has acquired a new position in IDACORP, Inc., purchasing 12,646 shares valued at approximately $1,470,000 during the first quarter.
• IDACORP recently reported earnings of $1.76 EPS for the quarter, aligning with analysts' expectations, and also set its FY 2025 guidance at 5.700-5.850 EPS.
• The company declared a quarterly dividend of $0.86, representing an annualized dividend yield of 2.7%, with the payment date set for September 2nd.

Oliver Luxxe Assets LLC bought a new stake in IDACORP, Inc. (NYSE:IDA - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 12,646 shares of the energy company's stock, valued at approximately $1,470,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. AlphaQuest LLC bought a new stake in shares of IDACORP during the first quarter valued at about $260,000. Ameriprise Financial Inc. raised its stake in shares of IDACORP by 23.5% during the first quarter. Ameriprise Financial Inc. now owns 468,576 shares of the energy company's stock valued at $54,458,000 after purchasing an additional 89,264 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of IDACORP by 10.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company's stock valued at $245,243,000 after purchasing an additional 200,465 shares in the last quarter. Capital Fund Management S.A. bought a new stake in shares of IDACORP during the first quarter valued at about $1,948,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in shares of IDACORP during the first quarter valued at about $295,000. 89.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their target price on IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. UBS Group reaffirmed a "neutral" rating and set a $120.00 target price (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Guggenheim lifted their target price on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Morgan Stanley set a $133.00 target price on IDACORP and gave the stock an "outperform" rating in a report on Thursday, August 21st. Five research analysts have rated the stock with a Buy rating and two 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 an average target price of $123.57.

IDACORP Trading Up 0.2%

NYSE IDA traded up $0.21 on Friday, hitting $125.29. 87,157 shares of the company were exchanged, compared to its average volume of 412,126. The company's 50 day moving average price is $121.32 and its 200-day moving average price is $117.38. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12. The firm has a market capitalization of $6.77 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 2.65 and a beta of 0.56. IDACORP, Inc. has a twelve month low of $99.81 and a twelve month high of $128.50.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.76. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.The firm had revenue of $531.10 million for the quarter, compared to the consensus estimate of $478.14 million. During the same quarter in the previous year, the company earned $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th will be issued a $0.86 dividend. The ex-dividend date is 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 Company 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.