IDACORP (NYSE:IDA) Updates FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on IDA. Jefferies Financial Group assumed coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Morgan Stanley increased their price target on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Bank of America assumed coverage on IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target 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 note on Wednesday, October 16th. Finally, Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $102.00 to $116.00 in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, IDACORP currently has an average rating of “Hold” and a consensus price target of $107.67.

IDACORP Stock Up 2.3 %

Shares of NYSE:IDA opened at $105.85 on Friday. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. IDACORP has a 12 month low of $86.43 and a 12 month high of $109.47. The company has a 50-day moving average price of $102.92 and a 200 day moving average price of $98.25. The company has a market cap of $5.64 billion, a price-to-earnings ratio of 19.64, a PEG ratio of 3.47 and a beta of 0.60.

IDACORP (NYSE:IDA) last announced its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to the consensus estimate of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.38%. During the same period in the previous year, the business posted $2.07 EPS. As a group, equities research analysts predict that IDACORP will post 5.39 earnings per share for the current year.

IDACORP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 5th will be given a dividend of $0.86 per share. The ex-dividend date is Tuesday, November 5th. This is a positive change 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 61.60%.

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.