State of Alaska Department of Revenue Grows Position in IDACORP, Inc. $IDA

Key Points

• The State of Alaska Department of Revenue increased its stake in IDACORP, Inc. by 38.3% in Q2, now holding 49,881 shares worth approximately $5.76 million.
• Analysts have set a consensus price target of $123.29 for IDACORP, with four firms rating it as a Buy and three as Hold.
• IDACORP declared a quarterly dividend of $0.86 per share, reflecting an annualized yield of 2.7% and a payout ratio of approximately 60.56%.

State of Alaska Department of Revenue raised its position in IDACORP, Inc. (NYSE:IDA - Free Report) by 38.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,881 shares of the energy company's stock after purchasing an additional 13,820 shares during the quarter. State of Alaska Department of Revenue owned 0.09% of IDACORP worth $5,758,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Elite Financial Inc. purchased a new stake in shares of IDACORP during the 1st quarter valued at about $29,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of IDACORP by 621.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company's stock valued at $31,000 after buying an additional 230 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of IDACORP during the 1st quarter valued at about $34,000. Farther Finance Advisors LLC raised its holdings 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 valued at $49,000 after buying an additional 378 shares during the period. Finally, Byrne Asset Management LLC purchased a new stake in shares of IDACORP during the 2nd quarter valued at about $49,000. 89.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on IDA. Wall Street Zen upgraded IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. UBS Group reiterated 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. Finally, Morgan Stanley dropped their price objective on IDACORP from $133.00 to $131.00 and set an "equal weight" rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, IDACORP has a consensus rating of "Moderate Buy" and a consensus price target of $123.29.

IDACORP Price Performance

IDA stock opened at $129.77 on Monday. 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 52-week low of $99.81 and a 52-week high of $129.82. The stock's 50 day moving average is $125.25 and its two-hundred day moving average is $119.19. The company has a market capitalization of $7.01 billion, a PE ratio of 22.85, a P/E/G ratio of 2.71 and a beta of 0.59.

IDACORP (NYSE:IDA - Get Free Report) last issued its earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate of $1.76. The company had revenue of $531.10 million during the quarter, compared to analyst estimates of $478.14 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.During the same quarter last year, the firm 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were given a $0.86 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP's dividend payout ratio (DPR) is presently 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.

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