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

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

IDACORP Stock Performance

Shares of NYSE:IDA traded up $0.87 during midday trading on Friday, hitting $96.22. The stock had a trading volume of 480,824 shares, compared to its average volume of 377,940. The company has a market capitalization of $4.88 billion, a PE ratio of 18.72 and a beta of 0.55. The stock has a 50 day moving average price of $91.33 and a two-hundred day moving average price of $93.99. 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 1 year low of $86.43 and a 1 year high of $112.64.

IDACORP Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have commented on IDA. Morgan Stanley lifted their price objective on shares of IDACORP from $92.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, March 21st. Guggenheim lowered shares of IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a research note on Monday, January 22nd. Mizuho dropped their price objective on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 5th. Wells Fargo & Company lifted their price objective on shares of IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, StockNews.com raised shares of IDACORP to a “sell” rating in a report on Friday, April 26th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.60.

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.