IDACORP (NYSE:IDA) Releases Earnings Results, Misses Estimates By $0.05 EPS

IDACORP (NYSE:IDA - Get Free Report) posted its quarterly earnings data on Thursday. The energy company reported $2.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.17 by ($0.05), Briefing.com reports. IDACORP had a return on equity of 9.38% and a net margin of 15.35%. The company had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same quarter in the previous year, the firm posted $2.07 EPS. IDACORP updated its FY 2024 guidance to 5.350-5.450 EPS and its FY24 guidance to $5.35-5.45 EPS.

IDACORP Price Performance

IDACORP stock traded up $2.37 during trading hours on Friday, hitting $105.85. 1,243,633 shares of the stock were exchanged, compared to its average volume of 234,359. The stock has a market capitalization of $5.64 billion, a P/E ratio of 19.64, a P/E/G ratio of 3.47 and a beta of 0.60. The business's 50-day moving average is $102.92 and its two-hundred day moving average is $98.25. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. IDACORP has a 12 month low of $86.43 and a 12 month high of $109.47.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be issued a dividend of $0.86 per share. This is an increase from IDACORP's previous quarterly dividend of $0.83. This represents a $3.44 annualized dividend and a yield of 3.25%. The ex-dividend date is Tuesday, November 5th. IDACORP's dividend payout ratio (DPR) is currently 61.60%.

Analysts Set New Price Targets

Several brokerages recently issued reports on IDA. Mizuho raised IDACORP from a "neutral" rating to an "outperform" rating and upped their price target for the company from $102.00 to $116.00 in a report on Friday. Wells Fargo & Company upped their target price on IDACORP from $106.00 to $109.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 16th. Bank of America assumed coverage on IDACORP in a research report on Thursday, September 12th. They issued a "neutral" rating and a $110.00 target price for the company. StockNews.com raised shares of IDACORP from a "sell" rating to a "hold" rating in a report on Tuesday. Finally, Jefferies Financial Group began coverage on shares of IDACORP in a research note on Friday, September 20th. They issued a "hold" rating and a $110.00 price objective for the company. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $107.67.

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.