IDACORP, Inc. (IDA) to Issue Quarterly Dividend of $0.90 on November 30th

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, October 15th. Stockholders of record on Thursday, November 5th will be given a dividend of $0.90 per share by the energy company on Monday, November 30th. This represents a $3.60 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, November 5th. This is a 2.3% increase from IDACORP’s previous quarterly dividend of $0.88.

IDACORP has a payout ratio of 56.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect IDACORP to earn $6.92 per share next year, which means the company should continue to be able to cover its $3.60 annual dividend with an expected future payout ratio of 52.0%.

IDACORP Trading Up 1.2%

Shares of NYSE IDA opened at $147.10 on Tuesday. The stock’s 50 day moving average price is $135.66 and its two-hundred day moving average price is $140.78. IDACORP has a 52-week low of $124.12 and a 52-week high of $154.91. The stock has a market capitalization of $8.51 billion, a P/E ratio of 22.60, a PEG ratio of 2.42 and a beta of 0.48. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.97.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, October 29th. The energy company reported $2.73 EPS for the quarter, topping analysts’ consensus estimates of $2.51 by $0.22. IDACORP had a net margin of 18.78% and a return on equity of 9.34%. The firm had revenue of $608.04 million during the quarter, compared to the consensus estimate of $603.00 million. During the same quarter in the previous year, the company posted $2.26 earnings per share. On average, analysts anticipate that IDACORP will post 6.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of IDACORP from $154.00 to $155.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Barclays cut their price target on shares of IDACORP from $162.00 to $149.00 and set an “overweight” rating on the stock in a report on Friday, October 9th. BTIG Research reiterated a “buy” rating and issued a $155.00 price objective on shares of IDACORP in a research note on Monday. Morgan Stanley increased their target price on shares of IDACORP from $143.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 21st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of IDACORP in a research note on Friday. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $150.29.

About IDACORP

IDACORP, Inc is a holding company whose principal subsidiary, Idaho Power Company, is a regulated electric utility. Idaho Power generates, purchases, transmits, distributes and sells electricity to residential, commercial, industrial and agricultural customers.

Idaho Power serves customers across southern Idaho and eastern Oregon. Its power supply includes a substantial hydroelectric system, along with energy from thermal, wind, solar and other resources. The company also operates and maintains the transmission and distribution infrastructure needed to deliver electricity throughout its service area.

Idaho Power traces its history to 1916, when it was established to provide electric service in Idaho.