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

IDACORP (NYSE:IDA) announced its quarterly earnings data on Thursday. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05), Briefing.com reports. IDACORP had a return on equity of 9.38% and a net margin of 15.35%. The business had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. During the same quarter last year, the company posted $2.07 EPS. IDACORP updated its FY 2024 guidance to 5.350-5.450 EPS and its FY24 guidance to $5.35-5.45 EPS.

IDACORP Price Performance

NYSE IDA opened at $105.85 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.55 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $5.64 billion, a P/E ratio of 19.64, a PEG ratio of 3.47 and a beta of 0.60. The company has a 50-day moving average price of $102.92 and a 200-day moving average price of $98.25. IDACORP has a 52 week low of $86.43 and a 52 week high of $109.47.

IDACORP Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 5th will be given a $0.86 dividend. This represents a $3.44 annualized dividend and a yield of 3.25%. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. IDACORP’s dividend payout ratio (DPR) is presently 61.60%.

Wall Street Analysts Forecast Growth

IDA has been the topic of several recent research reports. Jefferies Financial Group started coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price target on the stock. Bank of America started 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. Morgan Stanley lifted their price target on IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on shares of IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, IDACORP has an average rating of “Hold” and an average target price of $107.67.

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.