IDACORP Inc (NYSE:IDA) announced a quarterly dividend on Thursday, July 16th, Zacks reports. Shareholders of record on Wednesday, August 5th will be paid a dividend of 0.67 per share by the energy company on Monday, August 31st. This represents a $2.68 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Tuesday, August 4th.
IDACORP has raised its dividend by an average of 23.1% per year over the last three years and has increased its dividend every year for the last 8 years. IDACORP has a dividend payout ratio of 59.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $4.70 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 57.0%.
NYSE:IDA opened at $93.25 on Friday. The company has a 50-day moving average of $89.08 and a 200-day moving average of $95.46. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of 20.10, a PEG ratio of 7.79 and a beta of 0.42. IDACORP has a 52 week low of $69.05 and a 52 week high of $114.01. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.43 and a current ratio of 1.91.
In related news, Director Darrel T. Anderson sold 5,544 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $94.61, for a total transaction of $524,517.84. Following the completion of the sale, the director now owns 109,995 shares of the company’s stock, valued at $10,406,626.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.53% of the company’s stock.
IDA has been the topic of several recent research reports. Bank of America reaffirmed a “buy” rating and issued a $102.00 target price (down previously from $105.00) on shares of IDACORP in a research note on Friday, May 1st. Sidoti upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and upped their price objective for the company from $97.00 to $104.00 in a report on Monday, May 4th. They noted that the move was a valuation call. Siebert Williams Shank upgraded shares of IDACORP from a “hold” rating to a “buy” rating and upped their price objective for the company from $104.00 to $110.00 in a report on Friday, May 1st. Finally, Wells Fargo & Co decreased their price objective on shares of IDACORP from $117.00 to $96.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $103.33.
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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