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

IDACORP (NYSE:IDA) released its earnings results on Thursday. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the prior year, the firm posted $2.07 EPS. 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

Shares of IDA traded up $2.38 during trading hours on Friday, hitting $105.86. The stock had a trading volume of 1,243,633 shares, compared to its average volume of 342,061. The firm has a 50-day moving average price of $102.92 and a 200 day moving average price of $98.25. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $109.47. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 3.43 and a beta of 0.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.25%. IDACORP’s dividend payout ratio (DPR) is presently 62.17%.

Wall Street Analysts Forecast Growth

IDA has been the topic of several research reports. Morgan Stanley upped their target price on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. StockNews.com raised IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday. Jefferies Financial Group initiated coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price for the company. Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $102.00 to $116.00 in a report on Friday. Finally, Bank of America initiated coverage on shares of IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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.