T. Rowe Price Investment Management Inc. Grows Position in IDACORP, Inc. $IDA

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in IDACORP, Inc. by 10.5%, owning approximately 3.91% of the company worth $245.2 million.
• IDACORP reported $1.76 earnings per share for the last quarter, matching analysts' expectations, and it generated $531.1 million in revenue, surpassing anticipations.
• The company also declared a quarterly dividend of $0.86 per share, with a dividend yield of 2.7%, to be paid on September 2nd.

T. Rowe Price Investment Management Inc. lifted its position in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 10.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,110,160 shares of the energy company's stock after buying an additional 200,465 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.91% of IDACORP worth $245,243,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of IDA. Elite Financial Inc. purchased a new position 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 in the last quarter. Opal Wealth Advisors LLC purchased a new position 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 in the last quarter. Finally, Versant Capital Management Inc raised its holdings in shares of IDACORP by 39.7% during the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company's stock valued at $51,000 after buying an additional 125 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Price Performance

Shares of IDACORP stock opened at $126.6370 on Thursday. 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 business's 50 day simple moving average is $119.77 and its two-hundred day simple moving average is $116.72. The stock has a market capitalization of $6.84 billion, a P/E ratio of 22.30, a price-to-earnings-growth ratio of 2.66 and a beta of 0.56. IDACORP, Inc. has a one year low of $99.81 and a one year high of $128.40.

IDACORP (NYSE:IDA - Get Free Report) last posted its earnings results on Thursday, July 31st. The energy company reported $1.76 earnings per share (EPS) for the quarter, meeting 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 analysts' expectations of $478.14 million. During the same period in the previous year, the firm earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Analysts forecast that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Dividend Announcement

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 paid a dividend of $0.86 per share. The ex-dividend date of this dividend is Tuesday, August 5th. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. IDACORP's payout ratio is 60.56%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on IDA shares. Morgan Stanley set a $128.00 price objective on IDACORP and gave the company an "equal weight" rating in a report on Thursday, May 22nd. Wells Fargo & Company lifted their price target on IDACORP from $121.00 to $125.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Wall Street Zen raised IDACORP from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. Guggenheim lifted their price target on IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, UBS Group reaffirmed a "neutral" rating and issued a $120.00 price target (up from $118.00) on shares of IDACORP in a research note on Friday, July 11th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $122.86.

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.

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