IDACORP, Inc. (IDA) to Issue Quarterly Dividend of $0.86 on February 28th

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, January 16th,RTT News reports. Shareholders of record on Wednesday, February 5th will be given a dividend of 0.86 per share by the energy company on Friday, February 28th. This represents a $3.44 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Wednesday, February 5th.

IDACORP has increased its dividend by an average of 5.2% per year over the last three years and has raised its dividend every year for the last 13 years. IDACORP has a dividend payout ratio of 54.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $5.86 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Stock Up 0.1 %

Shares of NYSE:IDA opened at $110.33 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 20.47, a P/E/G ratio of 2.19 and a beta of 0.65. The company has a 50 day moving average of $113.01 and a 200-day moving average of $105.34. IDACORP has a one year low of $86.43 and a one year high of $120.42.

IDACORP (NYSE:IDA) last announced its quarterly earnings data 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). The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the previous year, the business posted $2.07 earnings per share. On average, sell-side analysts forecast that IDACORP will post 5.41 earnings per share for the current year.

Analysts Set New Price Targets

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

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.