IDACORP, Inc. (NYSE:IDA) to Issue $0.83 Quarterly Dividend

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, April 18th, Zacks reports. Investors of record on Monday, May 6th will be paid a dividend of 0.83 per share by the energy company on Thursday, May 30th. This represents a $3.32 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend is Friday, May 3rd.

IDACORP has raised its dividend by an average of 5.6% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. IDACORP has a dividend payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $5.66 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Trading Up 1.3 %

Shares of IDA opened at $96.00 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.33 and a current ratio of 1.58. The stock has a 50-day moving average price of $91.10 and a 200 day moving average price of $93.97. IDACORP has a one year low of $86.43 and a one year high of $112.64. The company has a market capitalization of $4.87 billion, a P/E ratio of 18.68 and a beta of 0.55.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 15th. The energy company reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. IDACORP had a return on equity of 9.06% and a net margin of 14.79%. The company had revenue of $411.95 million for the quarter, compared to the consensus estimate of $429.84 million. During the same quarter last year, the business posted $0.83 EPS. Sell-side analysts forecast that IDACORP will post 5.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on IDA. Morgan Stanley increased their target price on IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, March 21st. Mizuho dropped their price target on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th. Wells Fargo & Company dropped their price target on IDACORP from $100.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Friday, February 16th. TheStreet cut IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. Finally, Guggenheim cut IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price target on the stock. in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, IDACORP has an average rating of “Hold” and an average target price of $93.80.

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.