Palisade Capital Management LP Makes New $27.12 Million Investment in IDACORP, Inc. $IDA

Palisade Capital Management LP purchased a new stake in IDACORP, Inc. (NYSE:IDA) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 179,233 shares of the energy company’s stock, valued at approximately $27,118,000. IDACORP makes up about 1.2% of Palisade Capital Management LP’s investment portfolio, making the stock its 15th largest holding.

A number of other hedge funds have also modified their holdings of IDA. BlackRock Inc. acquired a new position in shares of IDACORP during the 2nd quarter worth approximately $1,033,914,000. Morgan Stanley lifted its stake in IDACORP by 9.9% in the 4th quarter. Morgan Stanley now owns 2,103,940 shares of the energy company’s stock valued at $266,275,000 after buying an additional 188,845 shares in the last quarter. State Street Corp grew its holdings in IDACORP by 0.6% during the 4th quarter. State Street Corp now owns 1,887,948 shares of the energy company’s stock valued at $238,939,000 after buying an additional 11,403 shares during the last quarter. Reaves W H & Co. Inc. grew its holdings in 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 valued at $228,797,000 after buying an additional 107,131 shares during the last quarter. Finally, Jennison Associates LLC increased its position in IDACORP by 0.9% during the first quarter. Jennison Associates LLC now owns 1,497,342 shares of the energy company’s stock worth $214,075,000 after buying an additional 13,694 shares in the last quarter. 89.10% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

IDACORP Trading Down 0.4%

NYSE IDA opened at $137.71 on Wednesday. IDACORP, Inc. has a 12 month low of $122.30 and a 12 month high of $154.91. The company has a 50-day moving average of $145.84 and a 200-day moving average of $143.52. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.99 and a quick ratio of 0.75. The company has a market cap of $7.96 billion, a P/E ratio of 22.80, a P/E/G ratio of 2.38 and a beta of 0.48.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, July 30th. The energy company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.01. IDACORP had a net margin of 18.78% and a return on equity of 9.34%. The business had revenue of $469.80 million for the quarter, compared to analysts’ expectations of $511.87 million. During the same period last year, the company earned $1.76 earnings per share. IDACORP has set its FY 2026 guidance at 6.300-6.450 EPS. As a group, equities analysts predict that IDACORP, Inc. will post 6.38 earnings per share for the current year.

IDACORP Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Wednesday, August 5th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Wednesday, August 5th. IDACORP’s dividend payout ratio (DPR) is 58.28%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on IDA. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a report on Monday, August 3rd. Wall Street Zen upgraded IDACORP from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Wells Fargo & Company boosted their target price on shares of IDACORP from $154.00 to $155.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. BTIG Research restated a “buy” rating and issued a $160.00 target price on shares of IDACORP in a report on Thursday, July 23rd. Finally, Morgan Stanley decreased their price target on shares of IDACORP from $156.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $153.86.

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.