IDACORP, Inc. Plans Quarterly Dividend of $0.86 (NYSE:IDA)

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, January 16th,RTT News reports. Shareholders of record on Wednesday, February 5th will be given a dividend of 0.86 per share by the energy company on Friday, February 28th. This represents a $3.44 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Wednesday, February 5th.

IDACORP has increased its dividend by an average of 5.2% per year over the last three years and has raised its dividend every year for the last 13 years. IDACORP has a dividend payout ratio of 53.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $5.85 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 58.8%.

IDACORP Price Performance

IDA stock opened at $110.03 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.34. The firm has a market capitalization of $5.86 billion, a P/E ratio of 20.41, a P/E/G ratio of 2.25 and a beta of 0.65. The business’s 50-day moving average is $111.32 and its two-hundred day moving average is $106.64. IDACORP has a 1 year low of $86.43 and a 1 year high of $120.42.

IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, October 31st. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The company had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a net margin of 15.35% and a return on equity of 9.17%. During the same period in the prior year, the business earned $2.07 EPS. Analysts anticipate that IDACORP will post 5.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Morgan Stanley increased their price target on IDACORP from $110.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. Guggenheim upgraded IDACORP from a “neutral” rating to a “buy” rating in a report on Thursday, January 23rd. Jefferies Financial Group dropped their price objective on IDACORP from $129.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, January 28th. Bank of America upgraded IDACORP from a “neutral” rating to a “buy” rating and increased their price objective for the company from $113.00 to $117.00 in a report on Tuesday, November 5th. Finally, Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $116.20.

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.