IDACORP, Inc. $IDA Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. decreased its position in IDACORP, Inc. (NYSE:IDA) by 32.6% during the 2nd quarter, Holdings Channel reports. The fund owned 3,212 shares of the energy company’s stock after selling 1,553 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in IDACORP were worth $371,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new stake in shares of IDACORP in the second quarter valued at about $226,000. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of IDACORP by 14.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,000 shares of the energy company’s stock valued at $1,155,000 after acquiring an additional 1,253 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of IDACORP by 14.6% in the second quarter. Inspire Investing LLC now owns 3,401 shares of the energy company’s stock valued at $393,000 after acquiring an additional 433 shares in the last quarter. Aberdeen Group plc boosted its holdings in shares of IDACORP by 27.1% in the second quarter. Aberdeen Group plc now owns 115,978 shares of the energy company’s stock valued at $13,390,000 after acquiring an additional 24,762 shares in the last quarter. Finally, Callan Family Office LLC purchased a new stake in shares of IDACORP in the second quarter valued at about $219,000. Hedge funds and other institutional investors own 89.10% of the company’s stock.

IDACORP Stock Up 0.0%

IDA stock opened at $135.78 on Thursday. The company’s 50 day simple moving average is $128.91 and its 200-day simple moving average is $121.43. The firm has a market capitalization of $7.34 billion, a PE ratio of 23.91, a P/E/G ratio of 2.90 and a beta of 0.56. IDACORP, Inc. has a 12 month low of $100.10 and a 12 month high of $138.03. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.45 and a quick ratio of 1.12.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, July 31st. The energy company reported $1.76 EPS for the quarter, meeting the consensus estimate of $1.76. The business had revenue of $531.10 million for the quarter, compared to analyst estimates of $478.14 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same period in the prior year, the business earned $1.71 earnings per share. IDACORP has set its FY 2025 guidance at 5.700-5.850 EPS. Equities analysts expect that IDACORP, Inc. will post 5.81 earnings per share for the current fiscal year.

IDACORP Increases Dividend

The company also recently disclosed 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. 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. This represents a $3.52 annualized dividend and a dividend yield of 2.6%. IDACORP’s payout ratio is currently 60.56%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IDA. BTIG Research began coverage on shares of IDACORP in a report on Tuesday. They issued a “buy” rating and a $157.00 target price on the stock. Jefferies Financial Group lifted their target price on shares of IDACORP from $144.00 to $155.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group reaffirmed a “neutral” rating and issued a $120.00 target price (up previously from $118.00) on shares of IDACORP in a report on Friday, July 11th. Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $133.38.

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.