IDACORP, Inc. (NYSE:IDA) Announces Quarterly Dividend of $0.86

IDACORP, Inc. (NYSE:IDA) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Tuesday, November 5th will be given a dividend of 0.86 per share by the energy company on Monday, December 2nd. This represents a $3.44 annualized dividend and a yield of 3.31%. This is an increase from IDACORP’s previous quarterly dividend of $0.83.

IDACORP has increased its dividend payment by an average of 5.6% annually over the last three years and has increased its dividend every year for the last 12 years. IDACORP has a dividend payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect IDACORP to earn $5.77 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 57.5%.

IDACORP Stock Down 0.6 %

IDACORP stock opened at $103.83 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55. The stock’s fifty day moving average is $102.53 and its two-hundred day moving average is $97.33. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $105.24. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 20.85, a price-to-earnings-growth ratio of 3.38 and a beta of 0.60.

IDACORP (NYSE:IDA) last issued its quarterly earnings results on Thursday, August 1st. The energy company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.34. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. The company had revenue of $451.04 million during the quarter, compared to the consensus estimate of $420.56 million. During the same period in the previous year, the firm posted $1.35 EPS. Analysts predict that IDACORP will post 5.39 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Bank of America started coverage on shares of IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target on the stock. Wells Fargo & Company upped their price target on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Jefferies Financial Group began coverage on IDACORP in a research note on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective on the stock. Finally, Morgan Stanley increased their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.00.

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.