IDACORP (NYSE:IDA) Issues FY24 Earnings Guidance

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

IDACORP Stock Up 1.8 %

Shares of IDACORP stock traded up $1.67 during trading on Friday, reaching $96.20. The stock had a trading volume of 480,824 shares, compared to its average volume of 340,427. The company has a market capitalization of $4.88 billion, a price-to-earnings ratio of 19.32 and a beta of 0.55. The stock has a fifty day moving average price of $91.46 and a two-hundred day moving average price of $93.97. IDACORP has a 52 week low of $86.43 and a 52 week high of $112.64. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.06). IDACORP had a return on equity of 8.73% and a net margin of 14.18%. The company had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same quarter in the previous year, the company posted $1.11 EPS. Sell-side analysts predict that IDACORP will post 5.32 EPS for the current fiscal year.

IDACORP Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 6th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.45%. IDACORP’s payout ratio is presently 66.67%.

Analyst Ratings Changes

Several analysts have issued reports on the company. TheStreet lowered IDACORP from a b- rating to a c+ rating in a research note on Thursday, February 15th. Mizuho reduced their price target on IDACORP from $99.00 to $88.00 and set a neutral rating on the stock in a research report on Tuesday, March 5th. Guggenheim downgraded IDACORP from a buy rating to a neutral rating and set a $93.00 price target on the stock. in a research report on Monday, January 22nd. Wells Fargo & Company raised their price objective on IDACORP from $94.00 to $98.00 and gave the company an equal weight rating in a research note on Friday. Finally, Morgan Stanley lifted their price target on shares of IDACORP from $92.00 to $95.00 and gave the company an equal weight rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $94.60.

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.