Wellington Management Group LLP Grows Holdings in IDACORP, Inc. $IDA

Key Points

• Wellington Management Group LLP increased its holdings in IDACORP, Inc. by 3.2% during Q1, owning approximately 6.55% of the company with a valuation of $410.97 million.
• The company's recent earnings report showed an EPS of $1.76, matching consensus estimates, alongside revenues of $531.10 million which exceeded forecasts by nearly $53 million.
• IDACORP announced a quarterly dividend of $0.86 per share, reflecting an annualized dividend of $3.44 and a yield of 2.8% with a payout ratio of 60.56%.

Wellington Management Group LLP increased its holdings in shares of IDACORP, Inc. (NYSE:IDA - Free Report) by 3.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,536,138 shares of the energy company's stock after purchasing an additional 111,182 shares during the quarter. Wellington Management Group LLP owned 6.55% of IDACORP worth $410,970,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its position in IDACORP by 9.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,909,695 shares of the energy company's stock worth $208,692,000 after purchasing an additional 166,864 shares in the last quarter. Reaves W H & Co. Inc. increased its position in IDACORP by 25.0% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company's stock worth $145,034,000 after purchasing an additional 249,542 shares in the last quarter. Dimensional Fund Advisors LP increased its position in IDACORP by 1.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 713,023 shares of the energy company's stock worth $77,920,000 after purchasing an additional 8,819 shares in the last quarter. Jennison Associates LLC acquired a new stake in IDACORP during the 1st quarter worth approximately $71,437,000. Finally, Lord Abbett & CO. LLC increased its position in IDACORP by 128.1% during the 1st quarter. Lord Abbett & CO. LLC now owns 524,123 shares of the energy company's stock worth $60,914,000 after purchasing an additional 294,342 shares in 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 firms recently issued reports on IDA. Wall Street Zen raised shares of IDACORP from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Guggenheim increased their target price on shares of IDACORP from $121.00 to $126.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. UBS Group reaffirmed a "neutral" rating and issued a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Morgan Stanley set a $128.00 price objective on shares of IDACORP and gave the company an "equal weight" rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company increased their price objective on shares of IDACORP from $121.00 to $125.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $122.86.

IDACORP Stock Up 1.3%

NYSE:IDA traded up $1.6170 during trading hours on Friday, hitting $128.0170. The stock had a trading volume of 291,601 shares, compared to its average volume of 385,130. The company has a current ratio of 1.45, a quick ratio of 1.12 and a debt-to-equity ratio of 1.01. IDACORP, Inc. has a 1-year low of $99.81 and a 1-year high of $128.40. The business has a 50 day simple moving average of $120.26 and a two-hundred day simple moving average of $117.03. The company has a market cap of $6.92 billion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 2.68 and a beta of 0.56.

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 (EPS) for the quarter, meeting the consensus estimate of $1.76. The company had revenue of $531.10 million during the quarter, compared to the consensus estimate of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter last year, the company earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Analysts predict 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. This represents a $3.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, August 5th. IDACORP's dividend payout ratio is 60.56%.

About IDACORP

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.