IDACORP (NYSE:IDA) Issues Quarterly Earnings Results

IDACORP (NYSE:IDA) announced its quarterly earnings data on Thursday. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05), Briefing.com reports. The business had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same quarter in the prior year, the company earned $2.07 earnings per share. IDACORP updated its FY 2024 guidance to 5.350-5.450 EPS and its FY24 guidance to $5.35-5.45 EPS.

IDACORP Stock Performance

Shares of NYSE:IDA traded up $2.37 during trading on Friday, hitting $105.85. 1,243,633 shares of the company were exchanged, compared to its average volume of 342,061. The company has a market cap of $5.64 billion, a PE ratio of 19.82, a P/E/G ratio of 3.43 and a beta of 0.60. IDACORP has a 52-week low of $86.43 and a 52-week high of $109.47. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The stock has a 50 day moving average of $102.92 and a 200 day moving average of $98.25.

IDACORP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.25%. IDACORP’s payout ratio is presently 62.17%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $102.00 to $116.00 in a report on Friday. Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 price target on the stock. Morgan Stanley lifted their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a report on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 target price for the company. Finally, StockNews.com upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $107.67.

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.