IDACORP (NYSE:IDA) Issues FY 2024 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 5.350-5.450 for the period, compared to the consensus EPS estimate of 5.410. The company issued revenue guidance of -. IDACORP also updated its FY24 guidance to $5.35-5.45 EPS.

Analysts Set New Price Targets

A number of analysts recently issued reports on IDA shares. 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. Bank of America started coverage on shares of IDACORP in a research note on Thursday, September 12th. They issued a “neutral” rating and a $110.00 price target for the company. StockNews.com upgraded shares of IDACORP from a “sell” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley lifted their price target on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 25th. Finally, Mizuho upgraded shares of IDACORP from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $102.00 to $116.00 in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, IDACORP currently has a consensus rating of “Hold” and an average target price of $107.67.

IDACORP Stock Performance

IDACORP stock traded up $2.37 during mid-day trading on Friday, reaching $105.85. The company’s stock had a trading volume of 1,243,633 shares, compared to its average volume of 342,061. The firm has a market cap of $5.64 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 3.43 and a beta of 0.60. The business has a 50 day moving average price of $102.92 and a 200-day moving average price of $98.25. The company has a current ratio of 1.55, a quick ratio of 1.17 and a debt-to-equity ratio of 0.87. IDACORP has a twelve month low of $86.43 and a twelve month high of $109.47.

IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 EPS for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). The business had revenue of $528.53 million during the quarter, compared to analyst estimates of $524.39 million. IDACORP had a return on equity of 9.16% and a net margin of 15.04%. During the same period in the prior year, the firm earned $2.07 EPS. Sell-side analysts predict that IDACORP will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders 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. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 annualized dividend and a dividend yield of 3.25%. IDACORP’s payout ratio is 62.17%.

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.