IDACORP, Inc. (IDA) to Issue Quarterly Dividend of $0.83 on May 30th

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend 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 annually for the last 12 consecutive years. IDACORP has a payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. 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 Trading Down 0.1 %

Shares of NYSE:IDA opened at $94.76 on Wednesday. The company has a market cap of $4.80 billion, a P/E ratio of 18.44 and a beta of 0.56. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 1.33. IDACORP has a 1 year low of $86.43 and a 1 year high of $112.91. The stock’s fifty day moving average price is $90.99 and its 200-day moving average price is $93.98.

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

Analyst Ratings Changes

A number of research analysts have weighed in on IDA shares. TheStreet downgraded IDACORP from a “b-” rating to a “c+” rating in a report on Thursday, February 15th. Wells Fargo & Company dropped their price target on IDACORP from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, February 16th. StockNews.com raised IDACORP to a “sell” rating in a research note on Friday, April 26th. Mizuho lowered their price objective on IDACORP from $99.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, March 5th. Finally, Guggenheim lowered IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price target for the company. in a research note on Monday, January 22nd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, IDACORP has a consensus rating of “Hold” and a consensus price target of $93.80.

About IDACORP

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.