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

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, April 17th, RTT News reports. Stockholders of record on Monday, May 5th will be given a dividend of 0.86 per share by the energy company on Friday, May 30th. This represents a $3.44 dividend on an annualized basis and a dividend yield of 2.89%.

IDACORP has raised its dividend by an average of 5.2% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. IDACORP has a dividend payout ratio of 54.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $6.47 per share next year, which means the company should continue to be able to cover its $3.44 annual dividend with an expected future payout ratio of 53.2%.

IDACORP Stock Performance

IDACORP stock opened at $119.18 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.34 and a current ratio of 1.70. IDACORP has a one year low of $90.23 and a one year high of $120.84. The stock’s 50 day moving average price is $114.94 and its 200 day moving average price is $111.59. The firm has a market capitalization of $6.44 billion, a PE ratio of 21.75, a price-to-earnings-growth ratio of 2.32 and a beta of 0.56.

IDACORP (NYSE:IDA) last announced its earnings results on Thursday, February 20th. The energy company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. The business had revenue of $398.13 million during the quarter, compared to the consensus estimate of $403.21 million. IDACORP had a net margin of 15.83% and a return on equity of 9.23%. As a group, sell-side analysts expect that IDACORP will post 5.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley upped their target price on IDACORP from $126.00 to $131.00 and gave the company an “equal weight” rating in a research report on Thursday, March 20th. Jefferies Financial Group upgraded shares of IDACORP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 2nd. UBS Group increased their price objective on shares of IDACORP from $117.00 to $122.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Guggenheim raised shares of IDACORP from a “neutral” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Bank of America increased their price target on shares of IDACORP from $119.00 to $127.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $120.50.

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.