IDACORP, Inc. (NYSE:IDA) Declares Dividend Increase – $0.86 Per Share

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Tuesday, November 5th will be given a dividend of 0.86 per share by the energy company on Monday, December 2nd. This represents a $3.44 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a boost from IDACORP’s previous quarterly dividend of $0.83.

IDACORP has raised its dividend by an average of 5.6% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. IDACORP has a dividend payout ratio of 59.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $5.78 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 59.5%.

IDACORP Price Performance

IDA stock opened at $105.85 on Friday. The stock has a 50-day moving average price of $102.92 and a two-hundred day moving average price of $98.25. IDACORP has a 1 year low of $86.43 and a 1 year high of $109.47. The stock has a market cap of $5.64 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 3.47 and a beta of 0.60. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a return on equity of 9.38% and a net margin of 15.35%. The firm had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the previous year, the business posted $2.07 earnings per share. Equities analysts forecast that IDACORP will post 5.39 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IDA. Jefferies Financial Group initiated coverage on shares of IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Bank of America assumed coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target on the stock. Morgan Stanley increased their price objective on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company raised their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, StockNews.com upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock 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.