Seven Grand Managers LLC Purchases New Position in IDACORP, Inc. $IDA

Seven Grand Managers LLC purchased a new stake in shares of IDACORP, Inc. (NYSE:IDA) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 75,000 shares of the energy company’s stock, valued at approximately $8,659,000. IDACORP comprises 1.0% of Seven Grand Managers LLC’s investment portfolio, making the stock its 29th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Investment Advisers boosted its position in shares of IDACORP by 15.6% during the first quarter. Cetera Investment Advisers now owns 10,066 shares of the energy company’s stock valued at $1,170,000 after buying an additional 1,359 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in IDACORP by 4.9% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,361 shares of the energy company’s stock valued at $1,088,000 after acquiring an additional 437 shares in the last quarter. LPL Financial LLC boosted its holdings in IDACORP by 11.2% during the 1st quarter. LPL Financial LLC now owns 32,058 shares of the energy company’s stock worth $3,726,000 after acquiring an additional 3,237 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of IDACORP by 1.3% in the 1st quarter. Federated Hermes Inc. now owns 49,756 shares of the energy company’s stock worth $5,783,000 after acquiring an additional 615 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of IDACORP in the 1st quarter worth $231,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Price Performance

Shares of NYSE IDA opened at $130.33 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.12 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $131.48 and a two-hundred day simple moving average of $124.34. IDACORP, Inc. has a 1-year low of $104.74 and a 1-year high of $138.03. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 2.86 and a beta of 0.59.

IDACORP (NYSE:IDA) last issued its earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.03. The firm had revenue of $524.42 million for the quarter, compared to analyst estimates of $663.09 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.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. Analysts anticipate that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IDA. Morgan Stanley set a $137.00 price target on shares of IDACORP in a research report on Thursday, November 20th. Wells Fargo & Company raised shares of IDACORP to a “hold” rating in a research report on Tuesday, October 28th. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research note on Wednesday, October 8th. Mizuho increased their price target on IDACORP from $129.00 to $144.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Finally, BTIG Research raised IDACORP to a “strong-buy” rating in a research report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.50.

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.