IDACORP (NYSE:IDA) Updates FY 2024 Earnings Guidance

IDACORP (NYSE:IDA) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.350-5.450 for the period, compared to the consensus estimate of 5.410. The company issued revenue guidance of -. IDACORP also updated its FY24 guidance to $5.35-5.45 EPS.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IDA shares. Morgan Stanley boosted their price objective on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. 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. Bank of America assumed coverage on IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price for the company. Wells Fargo & Company increased their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $107.67.

IDACORP Stock Up 2.3 %

NYSE IDA traded up $2.37 during midday trading on Friday, hitting $105.85. 1,243,633 shares of the company traded hands, compared to its average volume of 342,061. IDACORP has a 52 week low of $86.43 and a 52 week high of $109.47. The company’s 50-day simple moving average is $102.92 and its 200-day simple moving average is $98.25. The company has a market cap 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. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17.

IDACORP (NYSE:IDA) last issued its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The company 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 period in the previous year, the business earned $2.07 EPS. As a group, equities research analysts forecast that IDACORP will post 5.39 earnings per share for the current year.

IDACORP Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a dividend of $0.86 per share. This represents a $3.44 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Tuesday, November 5th. This is a positive change from IDACORP’s previous quarterly dividend of $0.83. IDACORP’s payout ratio is 62.17%.

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.