FY2024 EPS Estimates for IDACORP Increased by Zacks Research

IDACORP, Inc. (NYSE:IDA) – Investment analysts at Zacks Research upped their FY2024 earnings per share (EPS) estimates for shares of IDACORP in a report issued on Monday, December 23rd. Zacks Research analyst R. Department now expects that the energy company will post earnings of $5.41 per share for the year, up from their prior estimate of $5.40. The consensus estimate for IDACORP’s current full-year earnings is $5.41 per share. Zacks Research also issued estimates for IDACORP’s Q4 2024 earnings at $0.63 EPS, Q2 2025 earnings at $1.70 EPS, Q3 2025 earnings at $2.25 EPS and FY2025 earnings at $5.84 EPS.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing the consensus estimate of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.17%. The firm had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the prior year, the business earned $2.07 earnings per share.

IDA has been the topic of a number of other reports. Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They set a “hold” rating and a $110.00 target price on the stock. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $102.00 to $116.00 in a research note on Friday, November 1st. Bank of America raised shares of IDACORP from a “neutral” rating to a “buy” rating and increased their target price for the company from $113.00 to $117.00 in a research note on Tuesday, November 5th. Morgan Stanley lifted their price target on shares of IDACORP from $110.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Finally, StockNews.com downgraded IDACORP from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $111.00.

IDACORP Stock Performance

IDA stock opened at $110.09 on Wednesday. The company has a 50-day simple moving average of $112.13 and a 200 day simple moving average of $103.47. The company has a market capitalization of $5.86 billion, a P/E ratio of 20.42, a PEG ratio of 2.51 and a beta of 0.64. The company has a quick ratio of 1.34, a current ratio of 1.70 and a debt-to-equity ratio of 0.93. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $120.42.

Hedge Funds Weigh In On IDACORP

A number of institutional investors have recently made changes to their positions in the business. Clean Energy Transition LLP bought a new stake in IDACORP in the second quarter valued at $49,103,000. Wellington Management Group LLP grew its holdings in shares of IDACORP by 17.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,389,823 shares of the energy company’s stock worth $246,367,000 after purchasing an additional 359,553 shares during the last quarter. Nuance Investments LLC increased its position in shares of IDACORP by 19.0% during the 2nd quarter. Nuance Investments LLC now owns 1,114,475 shares of the energy company’s stock worth $103,813,000 after purchasing an additional 178,294 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in IDACORP by 30.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 576,136 shares of the energy company’s stock valued at $53,667,000 after purchasing an additional 135,793 shares during the last quarter. Finally, State Street Corp boosted its position in IDACORP by 5.5% in the third quarter. State Street Corp now owns 1,656,697 shares of the energy company’s stock valued at $170,789,000 after buying an additional 86,642 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Tuesday, November 5th were paid a $0.86 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a yield of 3.12%. IDACORP’s dividend payout ratio (DPR) is presently 63.82%.

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.