Quantbot Technologies LP Purchases New Stake in IDACORP, Inc. $IDA

Key Points

• Quantbot Technologies LP has acquired a new stake in IDACORP, Inc., purchasing 4,204 shares valued at approximately $489,000 in the first quarter of 2023.
• Analysts have recently adjusted their price targets for IDACORP, with consensus ratings showing a mix of Buy and Hold ratings, and an average target price of $122.86.
• IDACORP announced a quarterly dividend of $0.86, which translates to an annualized yield of 2.7%, with the ex-dividend date set for August 5th.

Quantbot Technologies LP acquired a new position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,204 shares of the energy company's stock, valued at approximately $489,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. KBC Group NV boosted its holdings in IDACORP by 21.2% in the first quarter. KBC Group NV now owns 2,350 shares of the energy company's stock valued at $273,000 after purchasing an additional 411 shares in the last quarter. GAMMA Investing LLC grew its position in shares of IDACORP by 20.8% in the 1st quarter. GAMMA Investing LLC now owns 737 shares of the energy company's stock valued at $86,000 after buying an additional 127 shares during the last quarter. Teacher Retirement System of Texas lifted its position in IDACORP by 103.0% in the first quarter. Teacher Retirement System of Texas now owns 8,484 shares of the energy company's stock valued at $986,000 after acquiring an additional 4,305 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in IDACORP by 7.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company's stock valued at $765,000 after acquiring an additional 456 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of IDACORP by 318.9% during the first 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 last quarter. Institutional investors and hedge funds own 89.10% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on IDA shares. UBS Group restated a "neutral" rating and set a $120.00 price target (up previously from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Morgan Stanley set a $133.00 price target on shares of IDACORP and gave the stock an "outperform" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, IDACORP currently has a consensus rating of "Moderate Buy" and a consensus target price of $123.57.

IDACORP Price Performance

IDA stock traded down $0.06 on Friday, reaching $125.02. 332,298 shares of the company's stock were exchanged, compared to its average volume of 336,222. The stock has a fifty day moving average of $121.55 and a 200-day moving average of $117.56. The firm has a market cap of $6.75 billion, a PE ratio of 22.01, a P/E/G ratio of 2.62 and a beta of 0.59. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. 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 results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.76. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. The company had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. During the same period last year, the firm earned $1.71 EPS. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. As a group, equities analysts predict that IDACORP, Inc. will post 5.81 EPS for the current fiscal year.

IDACORP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 5th will be paid a $0.86 dividend. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 annualized dividend and a yield of 2.8%. IDACORP's payout ratio is presently 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.