IDACORP (NYSE:IDA) Announces Earnings Results, Misses Expectations By $0.06 EPS

IDACORP (NYSE:IDA) released its quarterly earnings results on Thursday. The energy company reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06), Briefing.com reports. The business had revenue of $448.94 million for the quarter, compared to analyst estimates of $441.21 million. IDACORP had a net margin of 14.79% and a return on equity of 9.06%. During the same period in the prior year, the business earned $1.11 earnings per share. IDACORP updated its FY24 guidance to $5.25-5.45 EPS.

IDACORP Price Performance

IDACORP stock traded up $0.87 during trading hours on Friday, reaching $96.22. 480,824 shares of the stock were exchanged, compared to its average volume of 377,940. The stock has a 50 day moving average of $91.33 and a two-hundred day moving average of $93.99. The company has a market cap of $4.88 billion, a P/E ratio of 18.72 and a beta of 0.55. The company has a current ratio of 1.58, a quick ratio of 1.33 and a debt-to-equity ratio of 0.95. IDACORP has a twelve month low of $86.43 and a twelve month high of $112.64.

IDACORP Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 6th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 annualized dividend and a yield of 3.45%. IDACORP’s dividend payout ratio is 64.59%.

Analysts Set New Price Targets

A number of research analysts have commented on IDA shares. Wells Fargo & Company increased their price objective on IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research report on Friday. StockNews.com raised shares of IDACORP to a “sell” rating in a research report on Friday, April 26th. Morgan Stanley boosted their price objective on shares of IDACORP from $92.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 21st. Mizuho dropped their price objective on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 5th. Finally, TheStreet cut IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat.com, IDACORP presently has a consensus rating of “Hold” and an average target price of $94.60.

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.