On May 24, 2023, Citigroup Inc. made a bold move in the energy industry by reducing its holdings in IDACORP, Inc. by 20.8%. The New York-based multinational investment bank sold a total of 6,458 shares of the electric energy company’s stock during the fourth quarter of the previous fiscal year. As a result, Citigroup’s remaining stake in IDACORP was reduced to 24,625 shares with an estimated value of $2,656,000.
IDACORP is known for being one of the most prominent holding companies engaged in the transmission, distribution, sale and purchase of electric energy. It comprises two main segments – Utilities Operations and All Other operations. The former focuses on electricity production while the latter segment consists of IFS’ investments in affordable housing developments and historic rehabilitation projects as well as Ida-West’s joint venture investments in small hydropower generation projects.
Despite Citigroup’s significant sell-off last quarter, IDA opened at $106.08 on Wednesday proving that it’s still capable of attracting investors despite the slight dip in financial prowess. Currently sporting a market capitalization of $5.37 billion with a PE ratio of 19.98 along with a price-to-earnings-growth ratio of 5.66 and beta value fixed at 0.62 respectively.
Additionally, IDACORP also boasts an impressive quick ratio value which currently stands at 1.63 plus another high-end value for current ratio hovering around 1.86 which demonstrates that it has more than enough liquidity to cover short term obligations effectively.
As for IDACORP’s recent stocks performance vs earlier pricing trends from last year – over-the-counter transactions have seen highs hitting balloons soaring upwards to $115.9 while their lows hit pebbles tipping off $93 marks instead settling with moderate values never straying too far awaywith their 50-day moving average cost at $108.96 and the 200-day column residing at $106.74.
With all these financial technicalities, it is imperative to appreciate that Citigroup’s investment decisions, such as this publicized sell-off, usually signify an inclination toward restructuring their portfolio rather than expressing an opinion about IDACORP’s performance. Nevertheless, IDA proves to be a major player in the complicated energy sector and catching investor interests all the way down in May of 2023 which leaves much room for optimism going forward.
IDA Corp Reports Strong Q1 Earnings and Attracts Institutional Investor Interest
IDA Corp Reports Strong Q1 Earnings, Attracting Shareholder Interest
IDA Corp has reported strong Q1 earnings, with Earnings per Share (EPS) coming in at $1.11 per share for the quarter. This is up from last year’s Q1 EPS of $0.91 and also beats consensus estimates by $0.16 per share. Additionally, the company had a better than expected revenue of $429.66 million compared to market forecasts of $346.62 million.
Since the announcement, IDA Corp shares have seen an increased interest from institutional investors, as they seek to tap into the company’s potential for growth and returns. Institutional investment firms such as FourThought Financial LLC and Cohen & Steers Inc have lifted their positions by 125.4% and 33.8% respectively.
Furthermore, Crewe Advisors LLC, Belpointe Asset Management LLC and Quadrant Capital Group LLC have all acquired new stakes in IDA Corp in the fourth quarter of 2022 and third quarters of 2023 worth approximately $35k to $60k each.
The general sentiment among research analysts is a ‘hold’ rating on shares at present given the fluctuation in stock price after concluding this report, reaching a current average target price of around $106.67.
In terms of business operations, IDA Corp focuses on electricity production through its Utilities Operations segment including IFS’s investments in affordable housing developments as well as historic rehabilitation projects with Ida-West’s joint venture investments in small hydropower generation projects being under its All Other segments area.
IDA Corp continues to strive for shareholder value through further advancement within these sectors while driving overall profitability forward from strong Q1 results thanks to increased demand for power service within states covered by various subsidiaries operating under its umbrella such as Idaho Power Company among others.
Overall IDA Corp has recently declared a quarterly dividend paying out dividends to investors that were on record at close on May 3rd representing a $0.79 dividend per share for Q2 2023, which represents an annualized dividend payout of $3.16 with a yield of 2.98%. Given all these developments, IDA Corp shares are widely expected to attract further investment interest as the company enters into the latter half of fiscal year 2023 with promising earnings to boost investor confidence in its long-term growth potential.