IDACORP (NYSE:IDA) Releases Quarterly Earnings Results, Misses Estimates By $0.06 EPS

IDACORP (NYSE:IDA) announced its earnings results on Thursday. The energy company reported $0.95 earnings per share for the quarter, missing the consensus estimate of $1.01 by ($0.06), Briefing.com reports. IDACORP had a net margin of 14.18% and a return on equity of 8.73%. The firm had revenue of $448.94 million for the quarter, compared to the consensus estimate of $441.21 million. During the same period in the prior year, the business earned $1.11 EPS. IDACORP updated its FY24 guidance to $5.25-5.45 EPS.

IDACORP Stock Performance

Shares of IDA stock opened at $96.20 on Friday. The company has a market capitalization of $4.88 billion, a P/E ratio of 19.32 and a beta of 0.55. IDACORP has a 52 week low of $86.43 and a 52 week high of $112.64. The company’s 50 day moving average price is $91.46 and its two-hundred day moving average price is $93.97. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.33 and a current ratio of 1.58.

IDACORP Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on IDA shares. Guggenheim downgraded IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price for the company. in a report on Monday, January 22nd. StockNews.com upgraded shares of IDACORP to a “sell” rating in a research note on Friday, April 26th. Wells Fargo & Company increased 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. Mizuho decreased their price objective on shares of IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, March 5th. Finally, Morgan Stanley raised their target price 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. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat, the stock presently has an average 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.