IDACORP (NYSE:IDA) Releases FY 2024 Earnings Guidance

IDACORP (NYSE:IDA) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.350-5.450 for the period, compared to the consensus estimate of 5.410. The company issued revenue guidance of -. IDACORP also updated its FY24 guidance to $5.35-5.45 EPS.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America started coverage on IDACORP in a research report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price objective on the stock. StockNews.com raised IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday. Jefferies Financial Group assumed coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $107.67.

IDACORP Price Performance

IDACORP stock traded up $2.37 during midday trading on Friday, reaching $105.85. 1,243,633 shares of the stock traded hands, compared to its average volume of 342,061. The stock has a market cap of $5.64 billion, a P/E ratio of 19.82, a PEG ratio of 3.43 and a beta of 0.60. The stock’s fifty day moving average is $102.92 and its 200-day moving average is $98.25. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. IDACORP has a 12 month low of $86.43 and a 12 month high of $109.47.

IDACORP (NYSE:IDA) last released its quarterly earnings results 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 net margin of 15.04% and a return on equity of 9.16%. The business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. During the same period in the previous year, the company earned $2.07 EPS. As a group, equities research analysts anticipate that IDACORP will post 5.39 EPS for the current year.

IDACORP Increases Dividend

The business also recently declared 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 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 positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s dividend payout ratio is presently 62.17%.

About IDACORP

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.