IDACORP, Inc. (NYSE:IDA – Get Free Report) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Tuesday, November 5th will be given a dividend of 0.86 per share by the energy company on Monday, December 2nd. This represents a $3.44 dividend on an annualized basis and a yield of 3.31%. This is a positive change from IDACORP’s previous quarterly dividend of $0.83.
IDACORP has increased its dividend payment by an average of 5.6% per year over the last three years and has increased its dividend every year for the last 12 years. IDACORP has a payout ratio of 57.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect IDACORP to earn $5.77 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 57.5%.
IDACORP Stock Performance
Shares of NYSE:IDA traded down $0.64 during trading on Thursday, hitting $103.83. 227,268 shares of the company were exchanged, compared to its average volume of 341,791. IDACORP has a 52-week low of $86.43 and a 52-week high of $105.24. The stock has a 50 day moving average of $102.48 and a 200 day moving average of $97.28. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.55 and a quick ratio of 1.17. The company has a market cap of $5.53 billion, a PE ratio of 20.85, a P/E/G ratio of 3.38 and a beta of 0.60.
Analyst Ratings Changes
Several brokerages recently commented on IDA. Jefferies Financial Group started coverage on shares of IDACORP in a research note on Friday, September 20th. They set a “hold” rating and a $110.00 price objective for the company. Morgan Stanley boosted their price target on shares of IDACORP from $102.00 to $108.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 25th. Wells Fargo & Company increased their price objective on IDACORP from $106.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Bank of America began coverage on IDACORP in a research report on Thursday, September 12th. They set a “neutral” rating and a $110.00 target price for the company. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $104.00.
View Our Latest Analysis on IDACORP
IDACORP Company Profile
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.
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