IDACORP Inc (NYSE:IDA) announced a quarterly dividend on Thursday, July 16th, Zacks reports. Stockholders of record on Wednesday, August 5th will be given a dividend of 0.67 per share by the energy company on Monday, August 31st. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Tuesday, August 4th.
IDACORP has increased its dividend payment by an average of 23.1% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. IDACORP has a dividend payout ratio of 59.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $4.70 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 57.0%.
IDACORP stock opened at $93.25 on Friday. IDACORP has a twelve month low of $69.05 and a twelve month high of $114.01. The stock’s fifty day simple moving average is $89.08 and its 200-day simple moving average is $95.46. The company has a current ratio of 1.91, a quick ratio of 1.43 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $4.70 billion, a P/E ratio of 20.10, a P/E/G ratio of 7.79 and a beta of 0.42.
Several equities analysts recently commented on IDA shares. Sidoti raised IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $97.00 to $104.00 in a report on Monday, May 4th. They noted that the move was a valuation call. Wells Fargo & Co dropped their target price on IDACORP from $117.00 to $96.00 and set an “equal weight” rating on the stock in a report on Friday, May 1st. Siebert Williams Shank raised IDACORP from a “hold” rating to a “buy” rating and increased their target price for the company from $104.00 to $110.00 in a report on Friday, May 1st. Finally, Bank of America reissued a “buy” rating and issued a $102.00 target price (down previously from $105.00) on shares of IDACORP in a report on Friday, May 1st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $103.33.
In other IDACORP news, Director Darrel T. Anderson sold 5,544 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $94.61, for a total transaction of $524,517.84. Following the transaction, the director now owns 109,995 shares of the company’s stock, valued at $10,406,626.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
See Also: Investing in Dividend Stocks
Receive News & Ratings for IDACORP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IDACORP and related companies with MarketBeat.com's FREE daily email newsletter.