IDACORP (NYSE:IDA) Sets New 12-Month High - Here's What Happened

Key Points

• IDACORP's share price reached a new 52-week high of $137.24, with a last trading price of $136.53 and a trading volume of 13,323 shares.
• The company has received a mix of ratings from analysts, including a recent "buy" rating from Weiss Ratings and a "hold" rating from Wall Street Zen, contributing to an overall average rating of "Moderate Buy".
• IDACORP announced an increase in its quarterly dividend to $0.88, resulting in an annual yield of 2.6%, with the ex-dividend date set for November 5th.

IDACORP, Inc. (NYSE:IDA - Get Free Report)'s share price hit a new 52-week high on Monday . The stock traded as high as $137.24 and last traded at $136.53, with a volume of 13323 shares trading hands. The stock had previously closed at $135.87.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IDA. Weiss Ratings reaffirmed a "buy (b)" rating on shares of IDACORP in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of IDACORP from a "sell" rating to a "hold" rating in a report on Friday, July 18th. UBS Group restated a "neutral" rating and set a $120.00 price objective (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Finally, Morgan Stanley lowered their target price on shares of IDACORP from $133.00 to $131.00 and set an "equal weight" rating on the stock in a report on Thursday, September 25th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, IDACORP presently has an average rating of "Moderate Buy" and an average target price of $123.29.

IDACORP Price Performance

The firm's fifty day simple moving average is $128.27 and its two-hundred day simple moving average is $121.07. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01. The firm has a market cap of $7.41 billion, a PE ratio of 24.14, a P/E/G ratio of 2.90 and a beta of 0.56.

IDACORP (NYSE:IDA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, hitting the consensus estimate 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 analyst estimates 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. As a group, research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 5th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Wednesday, November 5th. This is an increase from IDACORP's previous quarterly dividend of $0.86. IDACORP's payout ratio is 60.56%.

Institutional Trading of IDACORP

A number of hedge funds and other institutional investors have recently made changes to their positions in IDA. Jennison Associates LLC lifted its stake in shares of IDACORP by 115.3% in the 2nd quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company's stock valued at $152,816,000 after purchasing an additional 708,989 shares in the last quarter. Orion Porfolio Solutions LLC lifted its stake in IDACORP by 3,215.7% in the second quarter. Orion Porfolio Solutions LLC now owns 604,451 shares of the energy company's stock valued at $69,784,000 after buying an additional 586,221 shares during the last quarter. Soros Fund Management LLC acquired a new position in shares of IDACORP during the second quarter worth approximately $46,919,000. Lord Abbett & CO. LLC lifted its stake in shares of IDACORP by 128.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 524,123 shares of the energy company's stock worth $60,914,000 after acquiring an additional 294,342 shares during the period. Finally, BROOKFIELD Corp ON acquired a new position in IDACORP in the second quarter worth approximately $33,920,000. Institutional investors and hedge funds own 89.10% of the company's stock.

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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