Mendon Capital Advisors Corp Makes New $11.10 Million Investment in IDACORP, Inc. $IDA

Mendon Capital Advisors Corp purchased a new stake in IDACORP, Inc. (NYSE:IDA) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 77,612 shares of the energy company’s stock, valued at approximately $11,096,000. IDACORP accounts for approximately 3.2% of Mendon Capital Advisors Corp’s holdings, making the stock its 8th largest holding. Mendon Capital Advisors Corp owned approximately 0.14% of IDACORP as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of IDA. Entropy Technologies LP lifted its stake in IDACORP by 282.7% in the first quarter. Entropy Technologies LP now owns 24,273 shares of the energy company’s stock worth $3,470,000 after acquiring an additional 17,931 shares during the last quarter. Phocas Financial Corp. purchased a new stake in IDACORP during the 4th quarter worth about $7,171,000. Reaves W H & Co. Inc. boosted its position in shares of IDACORP by 6.3% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,807,811 shares of the energy company’s stock worth $228,797,000 after acquiring an additional 107,131 shares in the last quarter. GW&K Investment Management LLC increased its holdings in shares of IDACORP by 7.1% in the 4th quarter. GW&K Investment Management LLC now owns 716,975 shares of the energy company’s stock valued at $90,741,000 after acquiring an additional 47,248 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of IDACORP by 8.3% during the 4th quarter. Jennison Associates LLC now owns 1,483,648 shares of the energy company’s stock worth $187,770,000 after acquiring an additional 113,579 shares in the last quarter. Institutional investors and hedge funds own 89.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IDA. BTIG Research reiterated a “buy” rating and issued a $160.00 price target on shares of IDACORP in a research note on Thursday. Wells Fargo & Company raised shares of IDACORP from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $121.00 to $154.00 in a research report on Tuesday, July 21st. Barclays boosted their price target on shares of IDACORP from $159.00 to $167.00 and gave the company an “overweight” rating in a research report on Tuesday, May 5th. Mizuho set a $157.00 price objective on shares of IDACORP in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded IDACORP from a “strong sell” rating to a “sell” rating in a research report on Saturday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, IDACORP currently has a consensus rating of “Moderate Buy” and an average target price of $155.14.

Insider Transactions at IDACORP

In other IDACORP news, VP James Bo D. Hanchey sold 1,500 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was 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. This trade represents a 41.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

IDACORP Trading Up 0.2%

NYSE:IDA opened at $148.80 on Monday. IDACORP, Inc. has a 12-month low of $120.52 and a 12-month high of $154.91. The company has a current ratio of 1.21, a quick ratio of 0.95 and a debt-to-equity ratio of 1.01. The stock’s 50 day simple moving average is $145.27 and its 200-day simple moving average is $141.94. The firm has a market cap of $8.25 billion, a P/E ratio of 24.76, a PEG ratio of 2.96 and a beta of 0.48.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, April 30th. The energy company reported $1.21 EPS 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 firm had revenue of $403.41 million during the quarter, compared to the consensus estimate of $437.51 million. During the same quarter last year, the firm earned $1.10 earnings per share. IDACORP has set its FY 2026 guidance at 6.250-6.450 EPS. Equities analysts anticipate that IDACORP, Inc. will post 6.39 EPS for the current year.

IDACORP Dividend Announcement

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

IDACORP Profile

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.