IDACORP, sees fewer short positions as market confidence grows

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IDACORP ($NYSE:IDA), Inc. is an electric utility holding company based in Boise, Idaho. The company’s stock is traded on the New York Stock Exchange under the ticker symbol IDA. The decrease in short positions is likely due to increasing market confidence in the company.

IDACORP recently announced that it would be increasing its dividend by 10% and that it expects to see strong earnings growth in the coming years. With the market seemingly confident in IDACORP’s future, it’s no surprise that the number of short positions has declined.

Price History

This is likely due to the recent media coverage which has been mostly positive. On Friday, IDACORP INC stock opened at $96.0 and closed at $97.3, up by 1.9% from the last closing price of $95.5. Investors are confident in the company’s future prospects as it continues to invest in renewable energy sources and modernize its electric grid.

These investments will help the company meet its goal of providing reliable, affordable, and sustainable energy to its customers. With a strong track record of financial performance and a commitment to innovation, IDACORP is well-positioned to continue delivering value for its shareholders.

VI Analysis

IDACORP INC is strong in dividend, medium in asset, profitability and weak in growth. It is classified as ‘cow’, a type of company that has the track record of paying out consistent and sustainable dividends. What type of investors may interested in such company. IDACORP INC has a high health score of 7/10 considering its cashflows and debt, is capable to sustain future operations in times of crisis.

VI Peers

Since its establishment in 1898, Idacorp Inc has been engaged in electric utility businesses in the United States. The company is currently one of the leading electric utility providers in the country, with a customer base of over 500,000. Idacorp Inc has a strong presence in the western United States, particularly in Idaho, Oregon, and Washington. The company’s main competitors are American Electric Power Co Inc, PNM Resources Inc, and Energa SA. These companies are all engaged in the business of electric utility provision and have a significant presence in the United States. While Idacorp Inc is the largest electric utility provider in Idaho, American Electric Power Co Inc is the largest provider in Ohio. PNM Resources Inc is the largest electric utility provider in New Mexico. Energa SA is a Polish electric utility company with a significant presence in the United States.

– American Electric Power Co Inc ($NASDAQ:AEP)

American Electric Power Company, Inc. (AEP) is a holding company that provides electric service through its subsidiaries in 11 states in the United States. AEP’s subsidiaries generate, transmit, and distribute electricity to residential, commercial, and industrial customers. The company also owns and operates coal, oil, natural gas, and renewable energy plants. In addition, AEP’s subsidiaries engage in transmission and distribution operations, including transmission infrastructure development.

– PNM Resources Inc ($NYSE:PNM)

PNM Resources Inc is a holding company that invests in energy businesses. Its portfolio includes electric utility, natural gas, and oil businesses. The company operates through two segments: Electric Utility and Non-Utility. The Electric Utility segment engages in the generation, transmission, and distribution of electricity in New Mexico and Texas. The Non-Utility segment includes the company’s investments in energy businesses, including natural gas pipelines and gathering systems, and oil and gas exploration and production.

– Energa SA ($LTS:0QX7)

Energa SA is a Polish electricity company with a market capitalization of 2.57 billion as of 2022. The company has a return on equity of 11.25%. Energa SA is involved in the generation, transmission, and distribution of electricity. The company also supplies gas and heat.

Summary

IDACORP Inc. is an electric utility holding company based in the United States. The company operates through its subsidiaries in three states: Idaho, Wyoming, and Oregon. The company also owns and operates a natural gas pipeline in Idaho.

IDACORP Inc. is a publicly traded company, listed on the New York Stock Exchange under the ticker symbol IDA. The company is a good choice for investors looking for a safe and reliable investment.