Jennison Associates LLC Grows Holdings in IDACORP, Inc. $IDA

Jennison Associates LLC lifted its holdings in IDACORP, Inc. (NYSE:IDA) by 115.3% during the second quarter, Holdings Channel reports. The institutional investor owned 1,323,656 shares of the energy company’s stock after acquiring an additional 708,989 shares during the quarter. Jennison Associates LLC’s holdings in IDACORP were worth $152,816,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IDA. GAMMA Investing LLC grew its position in shares of IDACORP by 20.8% in the 1st quarter. GAMMA Investing LLC now owns 737 shares of the energy company’s stock worth $86,000 after buying an additional 127 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of IDACORP by 7.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,583 shares of the energy company’s stock worth $765,000 after buying an additional 456 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in IDACORP by 4.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 2,487 shares of the energy company’s stock worth $289,000 after purchasing an additional 100 shares in the last quarter. Bessemer Group Inc. boosted its stake in IDACORP by 318.9% in the 1st quarter. Bessemer Group Inc. now owns 1,399 shares of the energy company’s stock worth $163,000 after purchasing an additional 1,065 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in IDACORP by 19.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 77,424 shares of the energy company’s stock worth $9,089,000 after purchasing an additional 12,769 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

IDACORP Price Performance

IDA opened at $135.00 on Wednesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. The stock has a market capitalization of $7.29 billion, a P/E ratio of 23.77, a P/E/G ratio of 2.92 and a beta of 0.56. The company’s 50-day simple moving average is $129.68 and its two-hundred day simple moving average is $122.12. IDACORP, Inc. has a 52-week low of $100.10 and a 52-week high of $138.03.

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

IDACORP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 5th will be paid a $0.88 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.86. The ex-dividend date is Wednesday, November 5th. This represents a $3.52 annualized dividend and a dividend yield of 2.6%. IDACORP’s dividend payout ratio (DPR) is currently 60.56%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. BTIG Research upgraded shares of IDACORP to a “strong-buy” rating in a research note on Wednesday, October 22nd. Morgan Stanley reiterated an “outperform” rating and issued a $141.00 price target on shares of IDACORP in a research note on Wednesday, October 22nd. Wells Fargo & Company assumed coverage on shares of IDACORP in a research note on Monday. They issued an “equal weight” rating and a $129.00 price target on the stock. Mizuho upped their price target on shares of IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Jefferies Financial Group upped their price target on shares of IDACORP from $144.00 to $155.00 and gave the stock a “buy” rating in a research note on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.38.

IDACORP 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.