IDACORP, Inc. (IDA) to Issue Quarterly Dividend of $0.86 on December 2nd

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Stockholders of record on Tuesday, November 5th will be given a dividend of 0.86 per share by the energy company on Monday, December 2nd. This represents a $3.44 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83.

IDACORP has increased its dividend payment by an average of 5.6% annually over the last three years and has increased its dividend every year for the last 12 years. IDACORP has a payout ratio of 57.5% meaning its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $5.77 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 57.5%.

IDACORP Price Performance

NYSE IDA opened at $104.77 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The company has a market cap of $5.58 billion, a PE ratio of 21.04, a price-to-earnings-growth ratio of 3.38 and a beta of 0.60. IDACORP has a 52 week low of $86.43 and a 52 week high of $105.24. The firm’s 50-day simple moving average is $102.59 and its two-hundred day simple moving average is $97.41.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.34. The company had revenue of $451.04 million for the quarter, compared to analysts’ expectations of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period in the prior year, the company posted $1.35 EPS. Research analysts predict that IDACORP will post 5.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

IDA has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research note on Wednesday. Morgan Stanley boosted their target price on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. 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 for the company. Finally, Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price on the stock. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.00.

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.