IDACORP (NYSE:IDA) Announces Earnings Results

IDACORP (NYSE:IDA) announced its quarterly earnings data on Thursday. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06), Briefing.com reports. The business had revenue of $448.94 million during the quarter, compared to analysts’ expectations of $441.21 million. IDACORP had a return on equity of 8.73% and a net margin of 14.18%. During the same quarter last year, the company posted $1.11 EPS. IDACORP updated its FY24 guidance to $5.25-5.45 EPS.

IDACORP Stock Performance

IDA opened at $96.20 on Friday. The stock has a market capitalization of $4.88 billion, a price-to-earnings ratio of 19.32 and a beta of 0.55. The company has a fifty day moving average of $91.46 and a 200 day moving average of $93.97. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $112.64. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.33 and a current ratio of 1.58.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 6th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.45%. IDACORP’s payout ratio is 66.67%.

Analyst Ratings Changes

Several brokerages have recently issued reports on IDA. TheStreet downgraded shares of IDACORP from a “b-” rating to a “c+” rating in a research note on Thursday, February 15th. Wells Fargo & Company upped their target price on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a report on Friday. StockNews.com raised shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Mizuho reduced their price objective on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, March 5th. Finally, Morgan Stanley increased their price objective on shares of IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, IDACORP has a consensus rating of “Hold” and a consensus price target of $94.60.

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.