Franklin Resources Inc. Buys 111,049 Shares of IDACORP, Inc. $IDA

Franklin Resources Inc. boosted its position in shares of IDACORP, Inc. (NYSE:IDA) by 32.3% in the second quarter, Holdings Channel.com reports. The firm owned 455,338 shares of the energy company’s stock after acquiring an additional 111,049 shares during the period. Franklin Resources Inc.’s holdings in IDACORP were worth $52,569,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of IDA. Jennison Associates LLC boosted its position in shares of IDACORP by 115.3% during the second quarter. Jennison Associates LLC now owns 1,323,656 shares of the energy company’s stock worth $152,816,000 after buying an additional 708,989 shares during the period. Lord Abbett & CO. LLC lifted its stake in IDACORP by 128.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 524,123 shares of the energy company’s stock valued at $60,914,000 after acquiring an additional 294,342 shares in the last quarter. Reaves W H & Co. Inc. boosted its position in IDACORP by 25.0% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,247,925 shares of the energy company’s stock worth $145,034,000 after acquiring an additional 249,542 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of IDACORP by 10.5% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 2,110,160 shares of the energy company’s stock worth $245,243,000 after acquiring an additional 200,465 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of IDACORP in the first quarter valued at approximately $20,478,000. 89.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IDA. Mizuho increased their target price on shares of IDACORP from $129.00 to $144.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Wells Fargo & Company upgraded shares of IDACORP to a “hold” rating in a research note on Tuesday, October 28th. Jefferies Financial Group lifted their target price on IDACORP from $144.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of IDACORP in a research report on Wednesday, October 8th. Finally, BTIG Research upgraded IDACORP to a “strong-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 issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $136.88.

IDACORP Trading Up 0.5%

Shares of NYSE:IDA opened at $129.63 on Wednesday. IDACORP, Inc. has a 52-week low of $104.74 and a 52-week high of $138.03. 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 company has a market capitalization of $7.01 billion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 2.86 and a beta of 0.59. The company has a 50-day simple moving average of $131.05 and a 200 day simple moving average of $123.81.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 30th. The energy company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.03. The firm had revenue of $524.42 million for the quarter, compared to the consensus estimate of $663.09 million. IDACORP had a return on equity of 9.18% and a net margin of 16.96%.During the same quarter in the previous year, the business earned $2.12 earnings per share. IDACORP has set its FY 2025 guidance at 5.800-5.900 EPS. Sell-side analysts forecast that IDACORP, Inc. will post 5.81 earnings per share for the current year.

IDACORP Increases Dividend

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

IDACORP Company 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.