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

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

IDACORP Stock Performance

IDACORP stock traded up $0.87 during trading hours on Friday, reaching $96.22. 480,824 shares of the stock were exchanged, compared to its average volume of 377,940. IDACORP has a 52-week low of $86.43 and a 52-week high of $112.64. The stock has a market cap of $4.88 billion, a P/E ratio of 18.72 and a beta of 0.55. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.33 and a current ratio of 1.58. The firm’s 50 day moving average is $91.33 and its 200 day moving average is $93.99.

IDACORP Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, May 3rd. IDACORP’s payout ratio is currently 64.59%.

Wall Street Analysts Forecast Growth

IDA has been the topic of a number of recent analyst reports. TheStreet downgraded shares of IDACORP from a “b-” rating to a “c+” rating in a research report on Thursday, February 15th. Guggenheim cut IDACORP from a “buy” rating to a “neutral” rating and set a $93.00 target price on the stock. in a research report on Monday, January 22nd. StockNews.com raised IDACORP to a “sell” rating in a research report on Friday, April 26th. Mizuho dropped their price target on IDACORP from $99.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company boosted their price objective on IDACORP from $94.00 to $98.00 and gave the company an “equal weight” rating in a research note on Friday. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat, IDACORP currently 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.