Connor Clark & Lunn Investment Management Ltd. Buys 13,930 Shares of IDACORP, Inc. $IDA

Connor Clark & Lunn Investment Management Ltd. grew its stake in IDACORP, Inc. (NYSE:IDA) by 35.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,126 shares of the energy company’s stock after acquiring an additional 13,930 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.10% of IDACORP worth $6,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its stake in shares of IDACORP by 33.6% during the second quarter. Parkside Financial Bank & Trust now owns 382 shares of the energy company’s stock valued at $44,000 after buying an additional 96 shares during the period. GAMMA Investing LLC grew its holdings in IDACORP by 13.4% during the 2nd quarter. GAMMA Investing LLC now owns 836 shares of the energy company’s stock worth $97,000 after acquiring an additional 99 shares in the last quarter. Louisiana State Employees Retirement System increased its position in IDACORP by 0.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 14,900 shares of the energy company’s stock valued at $1,732,000 after purchasing an additional 100 shares during the period. Securian Asset Management Inc. increased its position in IDACORP by 2.5% during the 2nd quarter. Securian Asset Management Inc. now owns 4,127 shares of the energy company’s stock valued at $476,000 after purchasing an additional 100 shares during the period. Finally, UMB Bank n.a. raised its holdings in shares of IDACORP by 3.8% in the 2nd quarter. UMB Bank n.a. now owns 2,779 shares of the energy company’s stock valued at $321,000 after purchasing an additional 102 shares in the last quarter. Institutional investors own 89.10% of the company’s stock.

IDACORP Stock Performance

NYSE IDA opened at $130.87 on Thursday. The firm has a market capitalization of $7.07 billion, a P/E ratio of 23.04, a PEG ratio of 2.86 and a beta of 0.59. The stock has a 50-day simple moving average of $130.51 and a two-hundred day simple moving average of $123.04. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.12 and a current ratio of 1.45. IDACORP, Inc. has a fifty-two week low of $104.74 and a fifty-two week high of $138.03.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 30th. The energy company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The business had revenue of $663.69 million for the quarter, compared to analysts’ expectations of $663.09 million. IDACORP had a net margin of 16.96% and a return on equity of 9.18%. During the same quarter last year, the company earned $2.12 EPS. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. On average, equities analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 5th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.86. IDACORP’s payout ratio is presently 60.48%.

Analyst Upgrades and Downgrades

IDA has been the subject of a number of recent research reports. Morgan Stanley reissued an “outperform” rating and issued a $141.00 price objective on shares of IDACORP in a research note on Wednesday, October 22nd. BTIG Research upgraded IDACORP to a “strong-buy” rating in a report on Wednesday, October 22nd. Mizuho boosted their price target on IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Wells Fargo & Company upgraded IDACORP to a “hold” rating in a research note on Tuesday, October 28th. Finally, Wall Street Zen upgraded IDACORP from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, IDACORP has a consensus rating of “Moderate Buy” and an average price target of $137.38.

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.