IDACORP (NYSE:IDA) Updates FY 2024 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 5.350-5.450 for the period, compared to the consensus estimate of 5.410. The company issued revenue guidance of -. IDACORP also updated its FY24 guidance to $5.35-5.45 EPS.

IDACORP Price Performance

Shares of NYSE IDA opened at $105.85 on Friday. The company has a 50 day simple moving average of $102.92 and a two-hundred day simple moving average of $98.25. IDACORP has a fifty-two week low of $86.43 and a fifty-two week high of $109.47. The company has a market capitalization of $5.64 billion, a price-to-earnings ratio of 19.64, a P/E/G ratio of 3.47 and a beta of 0.60. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.17 and a current ratio of 1.55.

IDACORP (NYSE:IDA) last posted its quarterly earnings data on Thursday, October 31st. The energy company reported $2.12 earnings per share for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.05). IDACORP had a net margin of 15.35% and a return on equity of 9.38%. The company had revenue of $528.53 million for the quarter, compared to the consensus estimate of $524.39 million. During the same period last year, the business earned $2.07 EPS. Analysts expect that IDACORP will post 5.39 EPS for the current fiscal year.

IDACORP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 5th will be paid a $0.86 dividend. This is a boost from IDACORP’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $3.44 dividend on an annualized basis and a yield of 3.25%. IDACORP’s payout ratio is presently 61.60%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of IDACORP from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 25th. Bank of America began coverage on IDACORP in a research note on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price on the stock. Wells Fargo & Company lifted their target price on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Mizuho raised IDACORP from a “neutral” rating to an “outperform” rating and upped their price target for the company from $102.00 to $116.00 in a report on Friday. Finally, Jefferies Financial Group assumed coverage on IDACORP in a report on Friday, September 20th. They issued a “hold” rating and a $110.00 price objective for the company. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $107.67.

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.