IDACORP (NYSE:IDA) Releases FY24 Earnings Guidance

IDACORP (NYSE:IDA) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.25-5.45 for the period, compared to the consensus estimate of $5.38.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Guggenheim lowered IDACORP from a buy rating to a neutral rating and set a $93.00 target price for the company. in a report on Monday, January 22nd. StockNews.com raised shares of IDACORP to a sell rating in a research note on Friday, April 26th. Mizuho decreased their price target on shares of IDACORP from $99.00 to $88.00 and set a neutral rating for the company in a research note on Tuesday, March 5th. Morgan Stanley lifted their target price on IDACORP from $92.00 to $95.00 and gave the stock an equal weight rating in a report on Thursday, March 21st. Finally, Wells Fargo & Company boosted their target price on IDACORP from $94.00 to $98.00 and gave the stock an equal weight rating in a research note on Friday. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $94.60.

IDACORP Price Performance

NYSE IDA traded up $1.67 during trading on Friday, hitting $96.20. 480,824 shares of the company’s stock were exchanged, compared to its average volume of 340,427. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $112.64. The company has a market cap of $4.88 billion, a PE ratio of 19.32 and a beta of 0.55. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95. The stock’s 50 day moving average price is $91.46 and its two-hundred day moving average price is $93.97.

IDACORP (NYSE:IDA) last announced its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.06). IDACORP had a net margin of 14.18% and a return on equity of 8.73%. The firm had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same period last year, the company posted $1.11 earnings per share. Research analysts expect that IDACORP will post 5.32 EPS for the current year.

IDACORP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 6th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.45%. IDACORP’s payout ratio is 66.67%.

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.