IDACORP (NYSE:IDA) Announces Earnings Results, Misses Expectations By $0.05 EPS

IDACORP (NYSE:IDA) issued its earnings results 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. The firm had revenue of $528.53 million during the quarter, compared to analysts’ expectations of $524.39 million. IDACORP had a return on equity of 9.38% and a net margin of 15.35%. During the same period in the prior year, the company earned $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 Stock Performance

Shares of IDA opened at $105.85 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. IDACORP has a one year low of $86.43 and a one year high of $109.47. The firm has a market capitalization of $5.64 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 3.47 and a beta of 0.60. The company has a 50-day simple moving average of $102.92 and a two-hundred day simple moving average of $98.25.

IDACORP Increases Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on IDA. StockNews.com raised shares of IDACORP from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Mizuho upgraded IDACORP from a “neutral” rating to an “outperform” rating and increased their target price for the company from $102.00 to $116.00 in a report on Friday. Morgan Stanley boosted their price objective on IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Bank of America initiated coverage on shares of IDACORP in a report on Thursday, September 12th. They issued a “neutral” rating and a $110.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of IDACORP in a research report on Friday, September 20th. They set a “hold” rating and a $110.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, IDACORP has a consensus rating of “Hold” and an average price target 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.