IDACORP (NYSE:IDA) Issues FY24 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.35-5.45 for the period, compared to the consensus estimate of $5.41. IDACORP also updated its FY 2024 guidance to 5.350-5.450 EPS.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IDA shares. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday. Mizuho raised shares of IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $102.00 to $116.00 in a research note on Friday. Morgan Stanley lifted their price objective on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Finally, Wells Fargo & Company increased their target price on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $107.67.

IDACORP Trading Up 2.3 %

Shares of IDACORP stock traded up $2.37 during trading hours on Friday, reaching $105.85. 1,243,633 shares of the company’s stock were exchanged, compared to its average volume of 234,359. IDACORP has a 52-week low of $86.43 and a 52-week high of $109.47. The company has a fifty day moving average of $102.92 and a 200-day moving average of $98.25. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.64, a price-to-earnings-growth ratio of 3.47 and a beta of 0.60.

IDACORP (NYSE:IDA) last released its earnings results 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). The business had revenue of $528.53 million for the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.38% and a net margin of 15.35%. During the same quarter last year, the company posted $2.07 earnings per share. Sell-side analysts forecast that IDACORP will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a yield of 3.25%. This is an increase from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, November 5th. IDACORP’s payout ratio is presently 61.60%.

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.