IDACORP (NYSE:IDA) Releases FY24 Earnings Guidance

IDACORP (NYSE:IDA) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.35-5.45 for the period, compared to the consensus estimate of $5.41. IDACORP also updated its FY 2024 guidance to 5.350-5.450 EPS.

IDACORP Stock Performance

Shares of NYSE:IDA traded up $1.65 during mid-day trading on Thursday, reaching $103.81. The company had a trading volume of 11,606 shares, compared to its average volume of 335,369. The company’s 50-day moving average price is $102.81 and its 200-day moving average price is $98.11. IDACORP has a one year low of $86.43 and a one year high of $105.25. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 3.49 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 earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.37 by $0.34. The firm had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter last year, the company earned $1.35 earnings per share. As a group, equities research analysts anticipate that IDACORP will post 5.38 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.31%. IDACORP’s dividend payout ratio is 69.08%.

Wall Street Analyst Weigh In

Several research firms have issued reports on IDA. StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Financial Group assumed coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target for the company. Wells Fargo & Company raised their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Morgan Stanley upped their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Finally, Bank of America started coverage on shares of IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and an average target price of $104.83.

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.