IDACORP (NYSE:IDA) Releases FY24 Earnings Guidance

IDACORP (NYSE:IDA) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.25-5.45 for the period, compared to the consensus estimate of $5.38.

IDACORP Stock Performance

Shares of NYSE IDA traded up $1.67 during midday trading on Friday, hitting $96.20. The company’s stock had a trading volume of 480,824 shares, compared to its average volume of 340,427. The stock has a fifty day moving average price of $91.46 and a 200 day moving average price of $93.97. The firm has a market capitalization of $4.88 billion, a price-to-earnings ratio of 19.32 and a beta of 0.55. IDACORP has a one year low of $86.43 and a one year high of $112.64. 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 (NYSE:IDA) last issued its quarterly earnings data on Thursday, May 2nd. The energy company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.06). The company had revenue of $448.94 million for the quarter, compared to analysts’ expectations of $441.21 million. IDACORP had a return on equity of 8.73% and a net margin of 14.18%. During the same period last year, the company posted $1.11 EPS. On average, research analysts forecast that IDACORP will post 5.32 EPS for the current fiscal year.

IDACORP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Monday, May 6th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $3.32 annualized dividend and a dividend yield of 3.45%. IDACORP’s payout ratio is currently 66.67%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on IDA shares. Mizuho cut their target price on IDACORP from $99.00 to $88.00 and set a neutral rating for the company in a research note on Tuesday, March 5th. Morgan Stanley lifted their price objective on IDACORP from $92.00 to $95.00 and gave the stock an equal weight rating in a report on Thursday, March 21st. TheStreet lowered IDACORP from a b- rating to a c+ rating in a research note on Thursday, February 15th. Wells Fargo & Company lifted their price target on IDACORP from $94.00 to $98.00 and gave the stock an equal weight rating in a research note on Friday. Finally, Guggenheim lowered IDACORP from a buy rating to a neutral rating and set a $93.00 price objective for the company. in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price 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.