IDACORP (NYSE:IDA) Updates FY24 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.25-5.45 for the period, compared to the consensus estimate of $5.38.

IDACORP Stock Performance

Shares of IDA stock traded up $0.86 during trading hours on Thursday, hitting $96.83. The stock had a trading volume of 8,240 shares, compared to its average volume of 372,109. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 1.33. The firm has a market capitalization of $4.91 billion, a PE ratio of 18.68 and a beta of 0.55. The stock’s 50 day moving average is $91.21 and its 200 day moving average is $93.98. IDACORP has a twelve month low of $86.43 and a twelve month high of $112.64.

IDACORP (NYSE:IDA) last issued its quarterly earnings data 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. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. The company had revenue of $411.95 million for the quarter, compared to the consensus estimate of $429.84 million. During the same period last year, the firm posted $0.83 EPS. As a group, research analysts forecast that IDACORP will post 5.32 earnings per share for the current fiscal year.

IDACORP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 6th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, May 3rd. IDACORP’s payout ratio is 64.59%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Mizuho decreased their target price on shares of IDACORP from $99.00 to $88.00 and set a neutral rating on the stock in a research report on Tuesday, March 5th. Wells Fargo & Company reduced their price target on shares of IDACORP from $100.00 to $94.00 and set an equal weight rating for the company in a research report on Friday, February 16th. Guggenheim downgraded IDACORP from a buy rating to a neutral rating and set a $93.00 price objective for the company. in a research note on Monday, January 22nd. Morgan Stanley raised their price target on IDACORP from $92.00 to $95.00 and gave the company an equal weight rating in a research report on Thursday, March 21st. Finally, TheStreet cut shares of IDACORP from a b- rating to a c+ rating in a research note on Thursday, February 15th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, IDACORP presently has a consensus rating of Hold and a consensus price target 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.