IDACORP, Inc. (NYSE:IDA) Declares Quarterly Dividend of $0.83

IDACORP, Inc. (NYSE:IDA) announced a quarterly dividend on Thursday, April 18th, Zacks reports. Stockholders of record on Monday, May 6th will be paid a dividend of 0.83 per share by the energy company on Thursday, May 30th. This represents a $3.32 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, May 3rd.

IDACORP has increased its dividend payment by an average of 5.6% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. IDACORP has a payout ratio of 57.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect IDACORP to earn $5.66 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 58.7%.

IDACORP Stock Up 1.8 %

IDA stock opened at $93.90 on Friday. IDACORP has a twelve month low of $86.43 and a twelve month high of $112.96. The company has a market cap of $4.76 billion, a PE ratio of 18.27 and a beta of 0.56. The business’s 50-day simple moving average is $90.25 and its 200 day simple moving average is $94.04. The company has a quick ratio of 1.33, a current ratio of 1.58 and a debt-to-equity ratio of 0.95.

IDACORP (NYSE:IDA) last released its earnings results on Thursday, February 15th. The energy company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. IDACORP had a return on equity of 9.06% and a net margin of 14.79%. The business had revenue of $411.95 million for the quarter, compared to the consensus estimate of $429.84 million. During the same period last year, the business earned $0.83 earnings per share. On average, research analysts anticipate that IDACORP will post 5.32 earnings per share for the current year.

Institutional Investors Weigh In On IDACORP

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of IDACORP by 1.7% in the 1st quarter. BlackRock Inc. now owns 6,316,570 shares of the energy company’s stock valued at $684,274,000 after purchasing an additional 105,226 shares during the period. Vanguard Group Inc. raised its holdings in IDACORP by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 6,118,190 shares of the energy company’s stock valued at $605,762,000 after acquiring an additional 111,296 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in IDACORP by 3.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,031,531 shares of the energy company’s stock valued at $326,951,000 after acquiring an additional 91,714 shares during the period. State Street Corp raised its holdings in IDACORP by 15.2% in the 1st quarter. State Street Corp now owns 1,674,867 shares of the energy company’s stock valued at $193,213,000 after acquiring an additional 221,072 shares during the period. Finally, Morgan Stanley raised its holdings in IDACORP by 10.9% in the 3rd quarter. Morgan Stanley now owns 1,042,725 shares of the energy company’s stock valued at $97,651,000 after acquiring an additional 102,230 shares during the period. 89.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

IDA has been the topic of a number of recent research reports. TheStreet downgraded IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. Wells Fargo & Company decreased their price objective on IDACORP from $100.00 to $94.00 and set an “equal weight” rating on the stock in a report on Friday, February 16th. Mizuho decreased their price objective on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, March 5th. Morgan Stanley lifted their price objective on IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a report on Thursday, March 21st. Finally, Guggenheim downgraded IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $93.80.

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.