Quarry LP Increases Stock Holdings in IDACORP, Inc. $IDA

Key Points

• Quarry LP significantly increased its holdings in IDACORP, Inc. by 399% during the first quarter, acquiring a total of 5,070 shares valued at approximately $589,000.
• IDACORP recently announced a quarterly dividend of $0.86 per share, which will be paid to investors on September 2nd, reflecting an annualized yield of 2.8%.
• Despite a recent upgrade from a "sell" to a "hold" rating by Wall Street Zen, IDACORP maintains a "Moderate Buy" average rating from analysts, with a price target averaging $123.57.

Quarry LP lifted its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 399.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,070 shares of the energy company's stock after purchasing an additional 4,054 shares during the period. Quarry LP's holdings in IDACORP were worth $589,000 as of its most recent filing with the Securities and Exchange Commission.

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

IDACORP Price Performance

Shares of IDA traded down $0.01 during mid-day trading on Wednesday, hitting $124.63. 450,629 shares of the stock were exchanged, compared to its average volume of 318,554. IDACORP, Inc. has a 52-week low of $99.81 and a 52-week high of $128.50. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The firm has a 50-day moving average of $121.93 and a two-hundred day moving average of $117.71. The company has a market cap of $6.73 billion, a PE ratio of 22.02, a price-to-earnings-growth ratio of 2.62 and a beta of 0.59.

IDACORP (NYSE:IDA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 earnings per share 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 company had revenue of $531.10 million for the quarter, compared to analysts' expectations of $478.14 million. During the same period in the previous year, the firm posted $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. On average, equities analysts predict that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.86 per share. The ex-dividend date was Tuesday, August 5th. This represents a $3.44 dividend on an annualized basis and a yield of 2.8%. IDACORP's dividend payout ratio is currently 60.56%.

Analyst Ratings Changes

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

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.