IDACORP Inc (NYSE:IDA) declared a quarterly dividend on Thursday, July 16th, Zacks reports. Investors 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 annualized dividend and a yield of 2.87%. The ex-dividend date is Tuesday, August 4th.
IDACORP has increased its dividend by an average of 23.1% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. IDACORP has a payout ratio of 59.2% indicating that its dividend is sufficiently covered by earnings. Equities research 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%.
Shares of IDACORP stock opened at $93.25 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.91 and a quick ratio of 1.43. IDACORP has a 1-year low of $69.05 and a 1-year high of $114.01. The business’s fifty day moving average price is $89.08 and its two-hundred day moving average price is $95.46. The company has a market capitalization of $4.70 billion, a P/E ratio of 20.10, a PEG ratio of 7.79 and a beta of 0.42.
In related news, Director Darrel T. Anderson sold 5,544 shares of the firm’s stock in a transaction that occurred on 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 directly owns 109,995 shares in the company, valued at $10,406,626.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.
A number of brokerages have recently weighed in on IDA. Wells Fargo & Co reduced their price target on shares of IDACORP from $117.00 to $96.00 and set an “equal weight” rating for the company in a research note on Friday, May 1st. Sidoti upgraded IDACORP from a “neutral” rating to a “buy” rating and upped their target price for the stock from $97.00 to $104.00 in a research report on Monday, May 4th. They noted that the move was a valuation call. Bank of America reiterated a “buy” rating and set a $102.00 price target (down from $105.00) on shares of IDACORP in a research report on Friday, May 1st. Finally, Siebert Williams Shank raised IDACORP from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $104.00 to $110.00 in a research note on Friday, May 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus 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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