Parallel Advisors LLC Trims Position in IDACORP, Inc. $IDA

Parallel Advisors LLC decreased its holdings in shares of IDACORP, Inc. (NYSE:IDA) by 26.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,095 shares of the energy company’s stock after selling 385 shares during the quarter. Parallel Advisors LLC’s holdings in IDACORP were worth $126,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Elite Financial Inc. purchased a new position in shares of IDACORP during the first quarter worth about $29,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of IDACORP by 621.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 267 shares of the energy company’s stock worth $31,000 after purchasing an additional 230 shares in the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of IDACORP during the first quarter worth about $34,000. Farther Finance Advisors LLC lifted its position in IDACORP by 879.1% in the 1st quarter. Farther Finance Advisors LLC now owns 421 shares of the energy company’s stock worth $49,000 after buying an additional 378 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in IDACORP by 39.7% in the 1st quarter. Versant Capital Management Inc now owns 440 shares of the energy company’s stock worth $51,000 after buying an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.

Wall Street Analyst Weigh In

IDA has been the subject of a number of recent research reports. UBS Group restated a “neutral” rating and issued a $120.00 target price (up previously from $118.00) on shares of IDACORP in a research report on Friday, July 11th. Morgan Stanley set a $133.00 target price on IDACORP and gave the stock an “outperform” rating in a research report on Thursday, August 21st. Finally, Wall Street Zen upgraded IDACORP from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $123.57.

IDACORP Price Performance

Shares of IDA stock opened at $127.66 on Wednesday. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 2.64 and a beta of 0.59. The business’s fifty day moving average is $124.69 and its 200 day moving average is $118.88. IDACORP, Inc. has a twelve month low of $99.81 and a twelve month high of $128.50. The company has a quick ratio of 1.12, a current ratio of 1.45 and a debt-to-equity ratio of 1.01.

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

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were paid a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, August 5th. IDACORP’s dividend payout ratio is currently 60.56%.

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.