IDACORP (NYSE:IDA) Releases FY24 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $5.25-5.45 for the period, compared to the consensus EPS estimate of $5.38.

IDACORP Trading Up 1.8 %

IDA traded up $1.67 during midday trading on Friday, hitting $96.20. The company’s stock had a trading volume of 480,824 shares, compared to its average volume of 340,427. IDACORP has a 52-week low of $86.43 and a 52-week high of $112.64. The firm has a 50-day moving average price of $91.46 and a two-hundred day moving average price of $93.97. The firm has a market cap of $4.88 billion, a P/E ratio of 19.32 and a beta of 0.55. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). IDACORP had a net margin of 14.18% and a return on equity of 8.73%. The firm had revenue of $448.94 million during the quarter, compared to analyst estimates of $441.21 million. During the same period last year, the business earned $1.11 EPS. On average, research analysts anticipate that IDACORP will post 5.32 earnings per share for the current year.

IDACORP Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Monday, May 6th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, May 3rd. IDACORP’s dividend payout ratio is currently 66.67%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on IDACORP from $94.00 to $98.00 and gave the company an equal weight rating in a research note on Friday. StockNews.com raised IDACORP to a sell rating in a research report on Friday, April 26th. Guggenheim cut IDACORP from a buy rating to a neutral rating and set a $93.00 price objective for the company. in a report on Monday, January 22nd. Mizuho dropped their price target on IDACORP from $99.00 to $88.00 and set a neutral rating for the company in a research note on Tuesday, March 5th. Finally, TheStreet downgraded IDACORP from a b- rating to a c+ rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $94.60.

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.