Franklin Resources Inc. Has $52.57 Million Stock Holdings in IDACORP, Inc. $IDA

Franklin Resources Inc. raised its position in IDACORP, Inc. (NYSE:IDA) by 32.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 455,338 shares of the energy company’s stock after buying an additional 111,049 shares during the period. Franklin Resources Inc. owned about 0.84% of IDACORP worth $52,569,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in IDACORP in the second quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of IDACORP by 621.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company’s stock valued at $31,000 after purchasing an additional 230 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of IDACORP in the 2nd quarter valued at about $31,000. Riverview Trust Co acquired a new stake in shares of IDACORP during the 2nd quarter worth approximately $42,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of IDACORP by 33.6% during the second quarter. Parkside Financial Bank & Trust now owns 382 shares of the energy company’s stock worth $44,000 after buying an additional 96 shares during the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Price Performance

IDA opened at $129.63 on Wednesday. The stock has a market cap of $7.01 billion, a P/E ratio of 22.82, a P/E/G ratio of 2.86 and a beta of 0.59. IDACORP, Inc. has a 12 month low of $104.74 and a 12 month high of $138.03. 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 company has a fifty day simple moving average of $131.05 and a 200 day simple moving average of $123.81.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.03. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.The firm had revenue of $524.42 million for the quarter, compared to analyst estimates of $663.09 million. During the same period in the previous year, the company posted $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, research analysts expect that IDACORP, Inc. will post 5.81 EPS for the current year.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 5th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.86. IDACORP’s dividend payout ratio (DPR) is currently 60.48%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IDA. Morgan Stanley set a $137.00 price objective on shares of IDACORP in a research note on Thursday, November 20th. BTIG Research raised IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research report on Wednesday, October 8th. Jefferies Financial Group lifted their price objective on IDACORP from $144.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. Finally, Wells Fargo & Company raised IDACORP to a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.88.

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.