IDACORP (NYSE:IDA) Releases FY24 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $5.25-5.45 for the period, compared to the consensus earnings per share estimate of $5.38.

IDACORP Stock Performance

Shares of NYSE IDA traded up $1.67 during midday trading on Friday, reaching $96.20. 480,824 shares of the company traded hands, compared to its average volume of 340,427. The company has a market cap of $4.88 billion, a price-to-earnings ratio of 19.32 and a beta of 0.55. The stock has a 50-day moving average price of $91.46 and a 200 day moving average price of $93.97. IDACORP has a 52 week low of $86.43 and a 52 week high of $112.64. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 1.33.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). IDACORP had a return on equity of 8.73% and a net margin of 14.18%. The firm had revenue of $448.94 million during the quarter, compared to the consensus estimate of $441.21 million. During the same period in the prior year, the firm posted $1.11 EPS. Sell-side analysts anticipate that IDACORP will post 5.32 earnings per share for the current fiscal year.

IDACORP Dividend Announcement

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

Analyst Ratings Changes

IDA has been the subject of several analyst reports. Guggenheim downgraded IDACORP from a buy rating to a neutral rating and set a $93.00 target price for the company. in a report on Monday, January 22nd. Wells Fargo & Company raised their target price on shares of IDACORP from $94.00 to $98.00 and gave the stock an equal weight rating in a report on Friday. StockNews.com upgraded shares of IDACORP to a sell rating in a research report on Friday, April 26th. Morgan Stanley lifted their price objective on shares of IDACORP from $92.00 to $95.00 and gave the stock an equal weight rating in a research report on Thursday, March 21st. Finally, Mizuho reduced their target price on IDACORP from $99.00 to $88.00 and set a neutral rating for the company in a report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price 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.