IDACORP (NYSE:IDA) Releases Earnings Results, Misses Estimates By $0.05 EPS

IDACORP (NYSE:IDA) posted its quarterly earnings data on Thursday. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05), Briefing.com reports. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the previous year, the firm posted $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

NYSE IDA traded up $2.37 on Friday, reaching $105.85. The stock had a trading volume of 1,243,633 shares, compared to its average volume of 342,061. IDACORP has a 1-year low of $86.43 and a 1-year 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 firm has a fifty day moving average of $102.92 and a two-hundred day moving average of $98.25. The company has a market cap of $5.64 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 3.43 and a beta of 0.60.

IDACORP Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group began 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. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and upped their target price for the company from $102.00 to $116.00 in a research report on Friday. Morgan Stanley raised their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company increased their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, IDACORP currently 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.