IDACORP, Inc. (NYSE:IDA) to Issue $0.83 Quarterly Dividend

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, April 18th, Zacks reports. Stockholders of record on Monday, May 6th will be given a dividend of 0.83 per share by the energy company on Thursday, May 30th. This represents a $3.32 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, May 3rd.

IDACORP has raised its dividend payment by an average of 5.6% annually over the last three years and has raised its dividend every year for the last 12 years. IDACORP has a dividend payout ratio of 57.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $5.66 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 58.7%.

IDACORP Stock Up 1.8 %

IDA opened at $93.91 on Friday. 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 company has a market cap of $4.76 billion, a P/E ratio of 18.27 and a beta of 0.56. IDACORP has a 12 month low of $86.43 and a 12 month high of $112.96. The business’s 50-day moving average price is $90.25 and its 200-day moving average price is $94.04.

IDACORP (NYSE:IDA) last posted its earnings results on Thursday, February 15th. The energy company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $411.95 million for the quarter, compared to analysts’ expectations of $429.84 million. IDACORP had a return on equity of 9.06% and a net margin of 14.79%. During the same period last year, the firm earned $0.83 earnings per share. On average, equities analysts expect that IDACORP will post 5.32 EPS for the current year.

Institutional Trading of IDACORP

Hedge funds have recently made changes to their positions in the stock. Chilton Capital Management LLC bought a new stake in shares of IDACORP in the 1st quarter worth approximately $25,000. Cohen & Steers Inc. boosted its position in shares of IDACORP by 33.8% in the 1st quarter. Cohen & Steers Inc. now owns 400 shares of the energy company’s stock worth $46,000 after purchasing an additional 101 shares in the last quarter. State of Wyoming boosted its position in shares of IDACORP by 34.4% in the 2nd quarter. State of Wyoming now owns 426 shares of the energy company’s stock worth $44,000 after purchasing an additional 109 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of IDACORP in the 4th quarter worth approximately $50,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of IDACORP in the 2nd quarter worth approximately $66,000. 89.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. TheStreet cut IDACORP from a “b-” rating to a “c+” rating in a research note on Thursday, February 15th. Wells Fargo & Company cut their price objective on IDACORP from $100.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Friday, February 16th. Morgan Stanley lifted their price objective on IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, March 21st. Mizuho cut their price objective on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 5th. Finally, Guggenheim cut IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat.com, IDACORP has a consensus rating of “Hold” and a consensus target price of $93.80.

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.