IDACORP (NYSE:IDA) Posts Earnings Results, Misses Estimates By $0.05 EPS

IDACORP (NYSE:IDA) issued its quarterly earnings results on Thursday. The energy company reported $2.12 EPS for the quarter, missing the consensus estimate of $2.17 by ($0.05), Briefing.com reports. The firm had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same quarter in the previous year, the company posted $2.07 earnings per share. IDACORP updated its FY 2024 guidance to 5.350-5.450 EPS and its FY24 guidance to $5.35-5.45 EPS.

IDACORP Stock Up 2.3 %

Shares of IDA traded up $2.38 during trading hours on Friday, hitting $105.86. The company had a trading volume of 1,243,633 shares, compared to its average volume of 342,061. 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 company has a market capitalization of $5.64 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 3.43 and a beta of 0.60. IDACORP has a one year low of $86.43 and a one year high of $109.47. The company’s fifty day moving average price is $102.92 and its two-hundred day moving average price is $98.25.

IDACORP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be issued a $0.86 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This is an increase from IDACORP’s previous quarterly dividend of $0.83. This represents a $3.44 dividend on an annualized basis and a dividend yield of 3.25%. IDACORP’s dividend payout ratio (DPR) is currently 62.17%.

Analysts Set New Price Targets

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

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.