Zacks Research Has Weak Outlook for IDACORP FY2024 Earnings

IDACORP, Inc. (NYSE:IDA - Free Report) - Research analysts at Zacks Research cut their FY2024 earnings per share estimates for IDACORP in a research note issued on Thursday, October 17th. Zacks Research analyst R. Department now anticipates that the energy company will earn $5.39 per share for the year, down from their prior estimate of $5.44. The consensus estimate for IDACORP's current full-year earnings is $5.39 per share. Zacks Research also issued estimates for IDACORP's Q4 2024 earnings at $0.59 EPS.

IDACORP (NYSE:IDA - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.34. The business had revenue of $451.04 million during the quarter, compared to analyst estimates of $420.56 million. IDACORP had a net margin of 15.04% and a return on equity of 9.16%. During the same period last year, the business earned $1.35 EPS.

IDA has been the subject of a number of other research reports. Jefferies Financial Group began coverage on IDACORP in a report on Friday, September 20th. They issued a "hold" rating and a $110.00 target price for the company. Bank of America started coverage on IDACORP in a report on Thursday, September 12th. They issued a "neutral" rating and a $110.00 price objective for the company. Morgan Stanley upped their target price on shares of IDACORP from $102.00 to $108.00 and gave the company an "equal weight" rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company lifted their price target on shares of IDACORP from $106.00 to $109.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $104.00.

IDACORP Stock Down 0.9 %

NYSE IDA traded down $0.97 during mid-day trading on Monday, reaching $103.80. The stock had a trading volume of 258,728 shares, compared to its average volume of 340,638. The stock has a market cap of $5.53 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 3.38 and a beta of 0.60. IDACORP has a 1 year low of $86.43 and a 1 year high of $105.24. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The company has a fifty day moving average price of $102.59 and a 200 day moving average price of $97.49.

IDACORP Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, November 5th. This is an increase from IDACORP's previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.31%. IDACORP's dividend payout ratio (DPR) is presently 69.08%.

Institutional Investors Weigh In On IDACORP

A number of hedge funds have recently modified their holdings of IDA. V Square Quantitative Management LLC purchased a new position in IDACORP during the third quarter valued at $26,000. Rise Advisors LLC lifted its position in shares of IDACORP by 65.8% during the 2nd quarter. Rise Advisors LLC now owns 368 shares of the energy company's stock valued at $34,000 after buying an additional 146 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of IDACORP during the 2nd quarter valued at approximately $35,000. Mather Group LLC. purchased a new stake in IDACORP in the 1st quarter worth approximately $41,000. Finally, 1620 Investment Advisors Inc. bought a new stake in IDACORP during the 2nd quarter worth approximately $71,000. Institutional investors own 89.10% of the company's stock.

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.