IDACORP Inc (NYSE:IDA) declared a quarterly dividend on Thursday, July 16th, Zacks reports. Shareholders of record on Wednesday, August 5th will be given a dividend of 0.67 per share by the energy company on Monday, August 31st. This represents a $2.68 annualized dividend and a yield of 2.87%. The ex-dividend date is Tuesday, August 4th.
IDACORP has raised its dividend by an average of 23.1% per year over the last three years and has increased its dividend annually for the last 8 consecutive years. IDACORP has a dividend payout ratio of 59.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect IDACORP to earn $4.70 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 57.0%.
IDACORP stock opened at $93.25 on Friday. IDACORP has a 12-month low of $69.05 and a 12-month high of $114.01. The stock has a market cap of $4.70 billion, a P/E ratio of 20.10, a PEG ratio of 7.79 and a beta of 0.42. The company has a 50-day moving average price of $89.08 and a 200 day moving average price of $95.46. The company has a current ratio of 1.91, a quick ratio of 1.43 and a debt-to-equity ratio of 0.74.
IDACORP (NYSE:IDA) last released its quarterly earnings data on Thursday, July 30th. The energy company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.18 by $0.01. IDACORP had a net margin of 18.22% and a return on equity of 9.50%. The firm had revenue of $318.77 million during the quarter, compared to analysts’ expectations of $310.35 million. During the same period last year, the business earned $1.05 earnings per share. As a group, analysts forecast that IDACORP will post 4.55 EPS for the current year.
In related news, Director Darrel T. Anderson sold 5,544 shares of IDACORP stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $94.61, for a total value of $524,517.84. Following the completion of the transaction, the director now owns 109,995 shares in the company, valued at $10,406,626.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.53% of the company’s stock.
A number of brokerages have weighed in on IDA. Siebert Williams Shank upgraded shares of IDACORP from a “hold” rating to a “buy” rating and lifted their price target for the company from $104.00 to $110.00 in a research report on Friday, May 1st. Sidoti upgraded shares of IDACORP from a “neutral” rating to a “buy” rating and lifted their price target for the company from $97.00 to $104.00 in a research report on Monday, May 4th. They noted that the move was a valuation call. Bank of America reiterated a “buy” rating and set a $102.00 price target (down from $105.00) on shares of IDACORP in a research report on Friday, May 1st. Finally, Wells Fargo & Co dropped their price target on shares of IDACORP from $117.00 to $96.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $103.33.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. The company operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon; 3 natural gas-fired plants in southern Idaho; and interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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