IDACORP Inc (NYSE:IDA) declared a quarterly dividend on Thursday, July 16th, Zacks reports. Stockholders of record on Wednesday, August 5th will be paid a dividend of 0.67 per share by the energy company on Monday, August 31st. This represents a $2.68 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Tuesday, August 4th.
IDACORP has increased its dividend payment by an average of 23.1% per year over the last three years and has raised its dividend every year for the last 8 years. IDACORP has a dividend payout ratio of 59.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $4.70 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 57.0%.
IDA opened at $93.25 on Friday. The business’s 50-day simple moving average is $89.08 and its 200 day simple moving average is $95.46. IDACORP has a 52-week low of $69.05 and a 52-week high of $114.01. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.43 and a current ratio of 1.91. The firm has a market capitalization of $4.70 billion, a PE ratio of 20.10, a PEG ratio of 7.79 and a beta of 0.42.
IDACORP (NYSE:IDA) last posted its quarterly earnings results on Thursday, July 30th. The energy company reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. The firm had revenue of $318.77 million for the quarter, compared to analyst estimates of $310.35 million. IDACORP had a return on equity of 9.50% and a net margin of 18.22%. During the same quarter in the previous year, the firm earned $1.05 EPS. On average, research analysts forecast that IDACORP will post 4.55 earnings per share for the current year.
Several analysts have issued reports on IDA shares. Siebert Williams Shank raised shares of IDACORP from a “hold” rating to a “buy” rating and upped their price target for the stock from $104.00 to $110.00 in a research report on Friday, May 1st. Sidoti upgraded IDACORP from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $97.00 to $104.00 in a report on Monday, May 4th. They noted that the move was a valuation call. Wells Fargo & Co dropped their price objective on IDACORP from $117.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Finally, Bank of America reaffirmed a “buy” rating and issued a $102.00 price objective (down from $105.00) on shares of IDACORP in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $103.33.
In other IDACORP news, Director Darrel T. Anderson sold 5,544 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $94.61, for a total value of $524,517.84. Following the transaction, the director now directly owns 109,995 shares of the company’s stock, valued at approximately $10,406,626.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by corporate insiders.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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