Idacorp (NYSE:IDA) declared a quarterly dividend on Thursday, April 19th, RTT News reports. Investors of record on Monday, May 7th will be paid a dividend of 0.59 per share by the coal producer on Wednesday, May 30th. This represents a $2.36 dividend on an annualized basis and a yield of 2.64%.
Idacorp has increased its dividend payment by an average of 8.4% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Idacorp has a payout ratio of 57.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Idacorp to earn $4.32 per share next year, which means the company should continue to be able to cover its $2.36 annual dividend with an expected future payout ratio of 54.6%.
IDA stock traded up $0.56 during midday trading on Thursday, reaching $89.36. 232,142 shares of the company traded hands, compared to its average volume of 340,912. Idacorp has a 52-week low of $79.59 and a 52-week high of $100.04. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.21 and a quick ratio of 1.65. The company has a market cap of $4,476.86, a PE ratio of 21.05, a price-to-earnings-growth ratio of 5.22 and a beta of 0.40.
Idacorp (NYSE:IDA) last issued its quarterly earnings results on Thursday, February 22nd. The coal producer reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.10. Idacorp had a return on equity of 9.59% and a net margin of 15.74%. The firm had revenue of $305.61 million for the quarter, compared to the consensus estimate of $274.05 million. During the same period in the prior year, the business posted $0.66 earnings per share. equities research analysts expect that Idacorp will post 4.18 EPS for the current year.
Several research analysts have commented on IDA shares. ValuEngine raised Idacorp from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Bank of America started coverage on Idacorp in a research report on Tuesday, January 9th. They set an “underperform” rating and a $85.00 target price on the stock. Zacks Investment Research cut Idacorp from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Finally, Williams Capital reaffirmed a “hold” rating and set a $80.00 target price (down previously from $86.00) on shares of Idacorp in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $87.33.
In other Idacorp news, CFO Steven R. Keen sold 3,557 shares of Idacorp stock in a transaction dated Thursday, March 22nd. The stock was sold at an average price of $87.72, for a total transaction of $312,020.04. Following the completion of the transaction, the chief financial officer now owns 17,240 shares in the company, valued at approximately $1,512,292.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Tessia Park sold 300 shares of Idacorp stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $85.40, for a total value of $25,620.00. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
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IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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