Mendon Capital Advisors Corp Makes New Investment in IDACORP, Inc. $IDA

Mendon Capital Advisors Corp purchased a new stake in IDACORP, Inc. (NYSE:IDA) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 77,612 shares of the energy company’s stock, valued at approximately $11,096,000. IDACORP makes up about 3.2% of Mendon Capital Advisors Corp’s investment portfolio, making the stock its 8th largest holding.

Several other large investors have also modified their holdings of IDA. Torren Management LLC purchased a new position in shares of IDACORP during the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of IDACORP by 630.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 219 shares of the energy company’s stock worth $29,000 after buying an additional 189 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new position in shares of IDACORP in the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC acquired a new position in shares of IDACORP in the fourth quarter valued at approximately $35,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of IDACORP by 62.0% during the second quarter. Smartleaf Asset Management LLC now owns 311 shares of the energy company’s stock valued at $36,000 after buying an additional 119 shares during the period. 89.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of IDACORP from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $121.00 to $154.00 in a research report on Tuesday, July 21st. Morgan Stanley reissued an “overweight” rating and set a $156.00 price target on shares of IDACORP in a research note on Wednesday. Weiss Ratings upgraded IDACORP from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. BTIG Research reissued a “buy” rating and issued a $160.00 price target on shares of IDACORP in a research note on Thursday. Finally, Barclays upped their price objective on shares of IDACORP from $159.00 to $167.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $155.14.

Insiders Place Their Bets

In other news, VP James Bo D. Hanchey sold 1,500 shares of the business’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $140.95, for a total value of $211,425.00. Following the completion of the sale, the vice president owned 2,138 shares of the company’s stock, valued at approximately $301,351.10. The trade was a 41.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.33% of the stock is currently owned by corporate insiders.

IDACORP Trading Up 0.2%

IDA opened at $148.80 on Monday. The firm’s 50 day moving average is $145.27 and its 200-day moving average is $141.94. IDACORP, Inc. has a 52-week low of $120.52 and a 52-week high of $154.91. The company has a quick ratio of 0.95, a current ratio of 1.21 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $8.25 billion, a P/E ratio of 24.76, a P/E/G ratio of 2.96 and a beta of 0.48.

IDACORP (NYSE:IDA) last released its quarterly earnings results on Thursday, April 30th. The energy company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.09. IDACORP had a net margin of 18.60% and a return on equity of 9.40%. The business had revenue of $403.41 million during the quarter, compared to analyst estimates of $437.51 million. During the same period last year, the business earned $1.10 EPS. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. Analysts expect that IDACORP, Inc. will post 6.39 EPS for the current fiscal year.

IDACORP Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 5th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, August 5th. IDACORP’s dividend payout ratio (DPR) is currently 58.57%.

About IDACORP

IDACORP, Inc is a diversified energy holding company headquartered in Boise, Idaho, whose primary subsidiary, Idaho Power Company, operates as a regulated electric utility. Through Idaho Power, the company provides generation, transmission and distribution services to residential, commercial and industrial customers. The company’s service territory spans southern Idaho and eastern Oregon, where it serves over half a million customers with a mix of hydroelectric, natural gas, wind and solar generation assets.

Idaho Power’s generation portfolio is anchored by a network of hydroelectric facilities along the Snake River system, complemented by natural-gas-fired plants and growing investments in renewable resources.