IDACORP, Inc. (NYSE:IDA) to Issue $0.86 Quarterly Dividend

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, January 16th,RTT News reports. Shareholders of record on Wednesday, February 5th will be paid a dividend of 0.86 per share by the energy company on Friday, February 28th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.12%.

IDACORP has raised its dividend payment by an average of 5.2% per year over the last three years and has increased its dividend every year for the last 13 years. IDACORP has a dividend payout ratio of 54.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect IDACORP to earn $5.86 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Price Performance

Shares of NYSE:IDA opened at $110.26 on Friday. The company has a market cap of $5.87 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.19 and a beta of 0.65. The business has a fifty day simple moving average of $113.08 and a 200-day simple moving average of $105.21. IDACORP has a 52 week low of $86.43 and a 52 week high of $120.42. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The company had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the prior year, the company earned $2.07 EPS. Equities research analysts forecast that IDACORP will post 5.41 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $113.00 to $117.00 in a report on Tuesday, November 5th. Jefferies Financial Group assumed coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $102.00 to $116.00 in a research note on Friday, November 1st. Wells Fargo & Company increased their target price on shares of IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com lowered shares of IDACORP from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.00.

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.