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

IDACORP (NYSE:IDA) issued its quarterly earnings data on Thursday. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05), Briefing.com reports. The company had revenue of $528.53 million for the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same quarter in the previous year, the business earned $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 Performance

Shares of IDACORP stock traded up $2.38 during trading on Friday, hitting $105.86. 1,243,633 shares of the stock were exchanged, 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 fifty day moving average price of $102.92 and a 200-day moving average price of $98.25. The stock has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.82, a price-to-earnings-growth ratio of 3.43 and a beta of 0.60. IDACORP has a 1-year low of $86.43 and a 1-year high of $109.47.

IDACORP Increases Dividend

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

Wall Street Analyst Weigh In

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