Wealth Enhancement Advisory Services LLC Raises Stake in IDACORP, Inc. $IDA

Wealth Enhancement Advisory Services LLC increased its stake in IDACORP, Inc. (NYSE:IDA) by 134.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 15,402 shares of the energy company’s stock after buying an additional 8,819 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in IDACORP were worth $1,786,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Elite Financial Inc. purchased a new position in shares of IDACORP in the 1st quarter worth about $29,000. Caitong International Asset Management Co. Ltd boosted its holdings 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 worth $31,000 after buying an additional 230 shares during the last quarter. Opal Wealth Advisors LLC purchased a new position in shares of IDACORP in the 1st quarter worth about $34,000. Farther Finance Advisors LLC boosted its holdings in shares of 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, Byrne Asset Management LLC purchased a new position in shares of IDACORP in the 2nd quarter worth about $49,000. 89.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on IDA. Morgan Stanley dropped their price objective 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. Wall Street Zen raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Friday, July 18th. Finally, UBS Group reaffirmed a “neutral” rating and set a $120.00 price objective (up from $118.00) on shares of IDACORP in a report on Friday, July 11th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, IDACORP presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.29.

IDACORP Trading Up 0.7%

Shares of IDACORP stock opened at $130.60 on Tuesday. IDACORP, Inc. has a 12-month low of $99.81 and a 12-month high of $130.70. The company has a market cap of $7.06 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.71 and a beta of 0.59. 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 company’s 50-day moving average price is $125.44 and its 200-day moving average price is $119.29.

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

IDACORP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 5th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, August 5th. IDACORP’s dividend payout ratio is presently 60.56%.

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.